2020 (3) TMI 183 - SCH - Income Tax

Disallowance of deduction u/s 80-IC - a new industrial unit at Selaqui, Uttrakhand had started during the assessment year - A.O. was not satisfied with the declarations and was of the view that having regard to the value of the machinery, that previously used machinery for any purpose is more than 20% of the value of the plant and machinery used in the new unit, the assessee has failed to satisfy the conditions laid down in Section 80-IC(4)(ii) - as per ITAT new plant and machinery, even if assumed to be transferred by the assessee from Kala Amb unit to Selaqui unit, it was never put to use to carry out the manufacturing activities to qualify for exemption u/s 80-IC - HC court is of the opinion that the ITAT performed the task to the extent it could, having regard to the materials which it elaborately and exhaustively analyzed - HELD THAT - Though we see no reason to interfere in the matter, in view of the submission made on behalf of the petitioner that it would like to take benefit of Direct Tax Vivad Se Vishwas Scheme , the petitioner is allowed liberty to withdraw the present special leave petition, with further liberty to approach the authority under the Scheme. The special leave petition is, accordingly, dismissed as withdrawn.

Summary

The Supreme Court dismissed the special leave petition as the petitioner expressed interest in availing the 'Direct Tax Vivad Se Vishwas Scheme' and was allowed to withdraw the petition with liberty to approach the authority under the Scheme.