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TMI Blog2009 (7) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... thetic yam (twisted/fancy yam) which is produced from the basic yarn procured from the market. The product manufactured by the assessee firm is used for the manufacture of woven fabric, fancy knitted fabrics and garments. During the year under review, the assessee firm had set up a manufacturing unit in the Notified Export Promotion Industrial Park of Village Jharmajri, Baddi, Tehsil Nalagarh, District Solan in the State ofHimachal Pradesh. This is the first year of the operation of the assessee firm. For the year ended31st March, 2006, the assessee firm had earned a net profit of Rs. 52,07,070. As the unit of the assessee firm is engaged in the manufacturing of an article or thing which is not specified in Thirteenth Schedule of IT Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, the assessee is entitled to deduction under s. 80-IC. The Revenue is in further appeal before us. 4. Whereas the learned Departmental Representative Shri Manish Gupta sought to rely upon the observations of the AO, the learned counsel for the assessee Shri Suresh Ananthraman reiterated the submissions made before the CIT(A) arid his finding thereon. 5. We have considered the rival submissions. Sec. 80-IC is extracted hereunder: "80-IC. Special provisions in respect of certain undertakings or enterprises in certain special category States.-(1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-s. (2), there shall, in accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) on the 24th day of December, 1997 and ending before the 1st day of April, 2012, in any Export Processing Zone or Integrated Infrastructure Development Centre of Industrial Growth Centre or Industrial Estate or Industrial Park or Software Technology Park or Industrial Area or Theme Park; as notified by the Board in accordance with the scheme framed and notified by the Central Government in this regard, in any of the North-Eastern States; (b) which has begun or begins to manufacture or produce any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule, or which manufactures or produces any article or thing, specified in the Fourteenth Schedule or commences any operation specified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prise is engaged in the manufacturing of any article or thing not being any article or thing specified in Thirteenth Schedule during the period 7th Jan., 2003 to 31st March, 2012 and the undertaking or enterprise is situated in any Export Processing Zone or Integrated Infrastructure Development Centre or Industrial Growth Centre or Industrial Estate or Industrial Park or Software Technology Park or Industrial Area or Theme Park, as notified by the Board in accordance with the scheme framed and notified by the Central Government in this regard, in the State of Himachal Pradesh or the State of Uttaranchal. However, the deduction under s. 80-IC(2)(b)(ii) is allowable in respect of those undertakings or enterprise which is engaged in the manufa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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