Court No. - 35
Case :- INCOME TAX APPEAL No. - 215 of 2016 Appellant :- Pr. Commissioner Of Income Tax Central Kanpur Respondent :- M/S Tirupati Lpg Industries Ltd. Delhi Counsel for Appellant :- S.S.C. I.T.,Praveen Kumar Hon'ble Bharati Sapru,J. Hon'ble Piyush Agrawal,J.
Heard Sri Praveen Kumar, learned Counsel for the appellant. No one has cared to appear on behalf of the assessee.
This is an appeal filed by the department under Section 260A of the Income Tax Act, 1961 for the assessment year 2010-11 against an order of the Tribunal dated 10.02.2016. The substantial question of law on which the appeal has been admitted is quoted hereunder:-
"Whether upon facts and circumstances of case the ITAT was correct in law in holding that provision of Section 80IC of I.T.Act 1961 allowed existence of multiple "initial assessment years" and consequently deduction @ 100% of profit where, it was otherwise allowable @ 30% only."
We have heard the counsel for the appellant at length and also perused the entire material on record.
There is no fact on disputes. The assessee was claiming a deduction under Section 80 IC of the Act for making expansion during the year 2004-05. The Tribunal while examining the matter has correctly come to an end that the benefit granted under the provisions of Section 80 IC could not extend beyond a period of ten years.
While discussing the matter, the Tribunal has examined the matter to hold that while the initial assessment year during the ten years period could be even once, twice or thrice but ultimately the deduction would not extend beyond the period of ten years.
Such being the case, law has been correctly applied, we see no reason to interfere in the order passed by the Tribunal.
The question of law is, therefore, answered in favour of the assessee and against the department.
The appeal is dismissed. No costs.
Order Date :- 31.1.2019 S.P.