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TMI Blog2023 (7) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee against the order dated 29.03.2017 of PCIT(A)-14, New Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in arising out of an appeal before it against the assessment order dated 30.12.2017 passed u/s 263/143(3) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the ACIT, Circle- 41(1), New Delhi (hereinafter referred as the Ld. AO). 2. Hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion in excess of eligibility u/s 80IC of the Act. The expansion of industrial unit of the assessee was undertaken by installing new plan and machinery of Rs. 25,787,858/- in the F.Y. 2011-12 and it was more than 50% of existing plant and machinery for which assessee claimed. There was substantial expansion as per the provision of Section 80IC (8)(ix) of the Act. 5. Ld. CIT(A) observed that Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he revenue may be filing a SLP, thus, to protect the interest of revenue 75% disallowance was made. 6. Ld. DR submitted that in a subsequent judgment of Hon'ble Supreme Court in the case of CIT vs. M/s. Classic Binding Industries order dated 20.08.2018 Civil Appeal no. 7208 of 2018 has settled the issue. The assessee will be entitled for deduction of remaining assessment years @ 25% as there cann ..... X X X X Extracts X X X X X X X X Extracts X X X X
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