9911796707
TMI Blog2019 (5) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ear , and from that assessment year the assessee shall be entitled to 100% deductions of the profits and gains. Such deduction, however, would be for a total period of 10 years, as provided in sub-section (6). For example, if the expansion is carried out immediately, on the completion of first five years, the assessee would be entitled to 100% deduction again for the next five years. On the other hand, if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five years, deduction @ 25% of the profits and gains for the next two years and @ 100% again from 8th year as this year becomes initial assessment year once again. However, this 100% deduction would b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'ble Himachal Pradesh High Court in the matter of M/s Stoverkraft India Vs. Commissioner of Income Tax reported as (2018) 400 ITR 225 (HP) by holding the order in the matter of Stoverkraft India (supra) to be passed by the jurisdictional High Court ignoring the doctrine that orders of the High Courts are binding on the subordinate Courts and authorities or Tribunals under its superintendence throughout the territory in relation to which it exercises jurisdiction which does not extend beyond its territorial jurisdiction? c) Whether on the facts and in the circumstances of the case, the order passed by the Ld. ITAT is legally sustainable in view of the judgment dated 20.08.2018 delivered by the Hon'ble Apex Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll dissatisfied, the assessee filed an appeal before the Tribunal. The Tribunal vide order dated 4.4.2018 (Annexure A-3) allowed the appeal of the assessee in view of the order dated 28.11.2017 passed by the Himachal Pradesh High Court in M/s. Stoverkraft India v. Commissioner of Income Tax (2018) 400 ITR 225 (HP) . Hence, the present appeal. 3. We have heard learned counsel for the revenue. 4. It was not disputed by the learned counsel for the revenue that the issue involved herein is covered by the decision of the Apex Court in Commissioner of Income Tax v. Aarham Softronics, Civil Appeal No. 1784 of 2019 decided on 20.02.2019. The Apex Court while dismissing all the appeals of the revenue, had in pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said previous year in which the substantial expansion is undertaken would become initial assessment year , and from that assessment year the assessee shall be entitled to 100% deductions of the profits and gains. ( d) Such deduction, however, would be for a total period of 10 years, as provided in sub-section (6). For example, if the expansion is carried out immediately, on the completion of first five years, the assessee would be entitled to 100% deduction again for the next five years. On the other hand, if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five years, deduction @ 25% of the profits and gains for the next t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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