Mat on 80ic(2) notification no. 177/2004 eligible company

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2016 Facts of the case:
A Y 11-12
F Y 10-11
Company being a company eligible for exemption under 80IC (Notification No. 177/2004 notified industrial area)

Queries:

Company being a company eligible for exemption under 80IC (notified industrial area) can avoid MAT (under 115JB) for assessment year 10-11 ?

If not, Can company seek exemption under promissory estoppel and legitimate expectation as promised by the state government?

Please suggest any case law(s) to avail exemption from mat for 80IC company

Also please guide about the time limit available with Authorities to open the case.

Any suggestion is welcome.