Supreme Court of India
M/s Polyflex (india) Pvt. Ltd. v. The Commissioner of Income Tax & Another
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What the Court ordered
In view of the above and for the reasons stated above, t he present appeal fails and the same deserves to be dism issed and is accordingly dismissed.
Judgment, page 9
From the headnote
Income Tax Act – s.80-IB – Deduction under – Appell ant- assessee manufactured ‘polyurethane foam,’ which is used as automobile seat – The assessee filed its return of in come for the assessment year 2003-04 and claimed deduction u/s. 80-IB – Assessing officer disallowed the deduction u/s. 80-I of the Act – CIT( ) upheld the order of the assessing officer – owever, ITAT set aside the assessment order as well as the order passed by the CIT( ) – High Court set aside the order passed by t he ITAT and restored the order passed by the assessing officer denying the deduction/benefit claimed
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