officer erred on facts and in law in disallowing
deduction under section 80IC of the Act by an amount of Rs. 7.53 crores, being ... profit derived from such purchases was not eligible for deduction
under section 80IC of the Act.
32.1 That the assessing officer erred on facts
disallowing the claim of the assessee u/s.
80IC of the Income Tax Act, 1961.
1
2. Whether on the facts and circumstances ... upholding
disallowance of Rs. 7,28,63,013/- u/s. 80IC of the
Act by ignoring the fact that the work of printing
assessee is a
eligible unit being eligible for deduction under section 80IC of the Act and
on the disallowance of expenses the assessee is automatically ... ground that the same would be automatically
eligible for deduction under section 80IC of the
I.T. Act, 1961, without going into the merits
year under consideration, assessee company has claimed deduction
u/s 80IC at Rs. 41,06,68,903/- for Baddi Unit. On going through the
consolidated ... including Baddi unit for
which the assessee has claimed deduction u/s. 80IC of the I.T. Act, it was seen
that the expenses claimed
CHNY/2018
disallowances would correspondingly increase the claim of deduction
u/s 80IC of the Act in the facts and circumstances of the case ... assessee and that the
same is eligible for deduction u/s.80IC . In support of this proposition,
he placed reliance on the decision
appeal
challenging correctness of CIT(A)'s action deleting u/s 80IC disallowance
regarding assessee's VAT remission ... above amounts have been found to be exigible for deduction under
section 80IC of the Act, consequential ground qua permitting the deduction
under section 80IC
deduction at the rate of 100% of the eligible profits u/s
80IC of the Income-tax Act, 1961 (in short ... initial assessment year for the purpose of grant of deduction
u/s 80IC of the Act.
4. D uring the co urs e of hearin
