Gujarat H.C : the Appellate Tribunal has erred in law and on facts by not upholding the issuance of notice under section 148 as per the provisions available as per Explanation 2(c)(iii) and 2(c)(iv) given below section 147 of the Income-tax Act, by the Assessing Officer and thereby allowing deduction claimed by the assessee under section 80-IB of the Income-tax Act without appreciating the fact that deduction under section 80-IB is eligible for the SSI unit only where the investment in fixed assets on plant and machinery does not exceed Rs. 3 crores whereas the total value of the plant and machinery as per the balance-sheet for all the three assessment years under consideration was above 3 crores
High Court Of Gujarat Pr.CIT vs. Lincoln Pharmaceuticals Ltd. Section 80-I Assessment year 2003-2004 M.R. Shah And S.H. Vora, JJ. […]
