Iapl/215/2016 Of Pr. Commissioner Of Income Tax Central Kanpur v. M/S Tirupati Lpg Industries Ltd. Delhi

Hon'ble Bharati Sapru,J.Hon'ble Piyush Agrawal,J. Heard Sri Praveen Kumar, learned Counsel for the appellant. No one hascared to appear on behalf of the assessee. This is an appeal filed by the department under Section 260A of theIncome Tax Act, 1961 for the assessment year 2010-11 against an orderof the Tribunal dated 10.02.2016. The substantial question of law onwhich the appeal has been admitted is quoted hereunder:- "Whether upon facts and circumstances of case the ITAT was correct in law inholding that provision of Section 80IC of I.T.Act 1961 allowed existence ofmultiple "initial assessment years" and consequently deduction @ 100% ofprofit where, it was otherwise allowable @ 30% only." We have heard the counsel for the appellant at length and also perusedthe entire material on record. There is no fact on disputes. The assessee was claiming a deductionunder Section 80 IC of the Act for making expansion during the year2004-05. The Tribunal while examining the matter has correctly come toan end that the benefit granted under the provisions of Section 80 ICcould not extend beyond a period of ten years. While discussing the matter, the Tribunal has examined the matter tohold that while the initial assessment year during the ten years periodcould be even once, twice or thrice but ultimately the deduction wouldnot extend beyond the period of ten years. Such being the case, law has been correctly applied, we see no reasonto interfere in the order passed by the Tribunal. The question of law is, therefore, answered in favour of the assesseeand against the department. The appeal is dismissed. No costs. Order Date :- 31.1.2019S.P.