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| The Tax Publishers2020 TaxPub(DT) 4346 (Karn-HC) INCOME TAX ACT, 1961
Section 80-IA
Where based on material detected in the course of survey, revenue alleged that unit of assessee manufacturing electrical cables commenced 20 years earlier and it was not a new unit as per section 80-IA, and was not eligible for deduction under section 80-IA, following case of CIT v. Deepak Cables (India) Ltd., issue was decided against the assessee.
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Deduction under section 80-IA - Allowability - Allegation that manufacturing unit was not new -
Based on material detected in the course of survey, revenue alleged that unit of assessee manufacturing electrical cables commenced 20 years earlier and it was not a new unit as per section 80-IA. Revenue alleged that said fact was confirmed in statement recorded under section 131. Held: Substantial questions of law which were involved in appeal were already decided in favour of the revenue by Court in CIT v. Deepak Cables (India) Ltd. [ITA No. 205/2008, dt. 3-6-2014], Thus, following the same, substantial questions of law framed in appeal were answered in favour of the revenue.
Followed:CIT v. Deepak Cables (India) Ltd. [ITA No. 205/2008, dt. 3-6-2014].
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2004-05
IN THE KARNATAKA HIGH COURT
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