High Valley Industries Corporation, New Delhi Vs DCIT, Circle(NowACIT, Central Circle-7),, Parwanoo

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Last updated: 26 November 2020
Quick Summary
High Valley Industries Corporation claimed a deduction of Rs. 2,44,37,125 under Section 80-IC for the assessment year 2013-14. The company, involved in manufacturing self-adhesive tapes and trading polymers, had previously claimed 100% deduction for five years. However, the Assessing Officer (AO) restricted the deduction to 25%, citing a substantial expansion in 2011-12 and following a precedent from the ITAT Chandigarh Bench. The CIT(Appeals) upheld the AO's decision, leading to this appeal.

Court :
ITAT New Delhi

Brief :
This appeal by assessee has been directed against the order of Ld. CIT(Appeals), Shimla dated 28/10/2016 for A.Y. 2013-14, challenging the order of the Ld. CIT(A) in confirming the action of the AO in allowing deduction u/s 80-IC to Rs. 61,09,281/- as against Rs. 2,44,37,125/-.

Citation :
I.T.A No.5991/Del/2017

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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