The same was upheld by the Commissioner in appeal and the Income Tax Appellate Tribunal in second appeal.
The High Court answered the question in the negative and in favour of the assessee.
However, the Commissioner of Income Tax, interfered with the assessment under Section 263 to the extent it allowed deduction under Section 80 IB 3 of the Income Tax Act, 1961 the Act and directed fresh decision on the said issue vide order dated 16th January, 2009.
This appeal has been preferred against the judgment and order dated 28th July, 2014 of the High Court of Signature Not Verified Karnataka at Bangalore in Income Tax Appeal No.477 of 2013.
Its income was assessed for the assessment year 2005 2006 at Rs.1,79,82,653/ .
The respondent assessee is engaged in manufacture and sale of companyponents parts of CNC lathes and similar machines.
The revenue has questioned the said view.
ADARSH KUMAR GOEL, J. Civil Appeal No.
20854 of 2017 Special Leave Petition Civil No.4565 of 2015 Leave granted.
