2023 (7) TMI 698

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..... the Petitioner : Mr. Abhinav Jain, Adv. Mr. Rajeev Singh, AOR Mr. Tarun Gupta, AOR Mr. Anmol Mishra, Adv. Mr. Abhishek Sharma, Adv. Mr. Atul Kumar, Adv. Mr. Yatinder Chaudhary, Adv. Mr. Manoj Rajpoot, Adv. Mr. Vikrant, Adv. For the Respondent : Mr. Balbir Singh, A.S.G. Mr. Raj Bahadur Yadav, AOR Mr. Shashank Bajpai, Adv. Mr. H R Rao, Adv. Ms. Nisha Bagchi, Adv. Mrs. Aakansha Kaul, Adv. Mr. Adit .....

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..... ing Industries case had omitted to take note of the definition of "Initial Assessment Year" contained in Section 80-IC of the Income Tax Act, 1961 itself and had instead based its conclusion on the definition contained in Section 80-IB, which did not apply to the case at all. In that view of the matter, this Court held that 100% exemption is permissible in paragraphs 27.3 and 27.4 of the aforesaid .....

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..... d to 100% exemption. In this regard, it is relevant to notice that in the case of Tejpal Chaudhary, the Assessing Officer has clearly held that the Assessee was entitled to exemption under Section 80-IC but to the extent of 25% only which is now held to be 100%. The finding that the Assessee was entitled to deduction has attained finality. In so far as the case of M/s. Friends Alloys is concerned .....

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