2018 (9) TMI 2155 - HC - Income Tax

Claim of deduction @100% u/s 80IC - substantial expansion - initial assessment year - fresh claim on undertaking substantial expansion from the year of completion of substantial expansion - HELD THAT - For orders see M/S ADMAC FORMULATIONS 2018 (10) TMI 1001 - PUNJAB AND HARYANA HIGH COURT as relying on M/s Classic Binding Industries 2018 (8) TMI 1209 - SUPREME COURT dealing with the issue whether the assessee who had availed deductions at the rate of 100% for first five years on the ground that they had set up a manufacturing unit as prescribed under sub section (2) of Section 80IC of the Act can start claiming deduction at the rate of 100% again for the next five years as they had undertaken substantial expansion during the period mentioned in sub section (2) thereof. The answer was given in the negative. Decided against aseessee.

Summary

The Punjab & Haryana High Court, with Hon'ble Justices Ajay Kumar Mittal and Avneesh Jhingan presiding, issued an order in a case involving M/s Admac Formulations. The appellant did not have representation, while Mr. Yogesh Putney, Senior Standing Counsel, represented the respondent, Commissioner of Income Tax, Panchkula. The specific details of the order can be found in ITA No. 332 of 2015.