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TMI Blog2019 (5) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... ntitled 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 be for remaining three years, i.e., 8th, 9th and 10th assessment years. - Decided in favour of assessee. - ITA-8530-2018 (O&M) - - - Dated:- 29-4-2019 - MR AJAY KUMAR MITTAL AND MRS MANJARI NEHRU KAUL, JJ. For The Appellant : Mr. Yogesh Putney, Senior Standing Counsel For The Reespond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Industries , wherein the issue has been decided against the assessee in favour of the Revenue? ( iv) Whether the order of the Income Tax Appellate Tribunal, which is in favour of the assessee, is liable to be set aside, as this Hon'ble Court in the case of the same assessee, in ITA No. 217 of 2017 for the assessment year 2013-14, in the decision dated 6.9.2018, has adjudicated the identical issue against the assessee and in favour of the revenue? 2. A few facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed its return of income for the assessment year 2014-15 on 27.11.2014 at an income of ₹ 56,76,670/-. The case was selected for sc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e following conclusions: ( a) Judgment dated 20th August, 2018 in Classic Binding Industries case omitted to take note of the definition initial assessment year contained in Section 80-IC itself and instead based its conclusion on the definition contained in Section 80-IB, which does apply in these cases. The definitions of initial assessment year in the two sections, viz. Sections 80-IB and 80-IC are materially different. The definition of initial assessment year under Section 80-IC has made all the difference. Therefore, we are of the opinion that the aforesaid judgment does not lay down the correct law. ( b) An undertaking or an enterprise which had set up a new unit between ..... X X X X Extracts X X X X X X X X Extracts X X X X
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