Learned Counsel For The Parties Fairly Admit That The Substantial Questions Of Law As Involved In The Present Appeal Are Squarely Covered By The Judgment Of Hon v. M/S Classic Binding Industries And Other Connected Cases

ITA No.36 of 2014 Hon’ble V.K. Bist, J.Hon’ble Sharad Kumar Sharma, J. Mr. H.M. Bhatia, Advocate for the appellant. Mr. Pulak Raj Mullick, Advocate for the respondent. The following substantial questions of law were framed in the present appeal on which this Court had issued notices on 04.08.2014: 1. Whether the Hon’ble ITAT was correct in holding that the provision of Section 80IC of the I.T. Act allowed existence of multiple “initial assessment years” and consequently deduction @ 100% of the profit where it was otherwise allowable @ 30% only. correct in holding that the provision of Section 80IC of the I.T. Act allowed existence of multiple “initial assessment years” and consequently deduction @ 100% of the profit where it was otherwise allowable @ 30% only. 2. Whether, the interpretation of Section 80IC of I.T. Act by the ITAT does not amount to re-writing the provision of law so as to allow the deduction to an undertaking existing as on 01.04.2009 and achieving substantial expansion during the previous year. Section 80IC of I.T. Act by the ITAT does not amount to re-writing the provision of law so as to allow the deduction to an undertaking existing as on 01.04.2009 and achieving substantial expansion during the previous year. Learned counsel for the parties fairly admit that the substantial questions of law as involved in the present appeal are squarely covered by the judgment of Hon’ble Apex Court in Civil Appeal No.7208 of 2018, Commissioner of Income Tax vs. M/s Classic Binding Industries and other connected cases. In view of the statement given by the learned counsel for the parties, the substantial questions of law are answered in favour of the Revenue. Consequently, the appeal would stands allowed. The judgment passed by the Appellate Tribunal is set aside and judgment of Assessing Officer as well as of C.I.T. (Appeals) stand affirmed. (Sharad Kumar Sharma, J.) (V.K. Bist, J.) 26.09.2018 A.kaur