Dismissing the petition the Court held that apart from the fact that no satisfactory explanation has been furnished for the inordinate delay of 412 days in filing the review petition, there is no ground warranting review of the order passed in CIT v. Classic Binding Industries (2018) 304 CTR 225 / 169 DTR 185 (SC), review petition is dismissed.(AY. 2006-07)
Lyon D.C. v.PCIT (2025) 342 CTR 359 / 245 DTR 38 / 172 taxmann.com 88 (SC) Editorial : CIT v. Classic Binding Industries (2018) 257 Taxman 324 / 407 ITR 429 / 304 CTR 225/ 169 DTR 185 (SC)
S. 80IC : Special category States-Availed deduction under section 80-IC for a period of 5 years at rate of 100 per cent,-Entitled to deduction on substantial expansion for remaining 5 assessment years at rate of 25 per cent (or 30 per cent where assessee is a company)-Not at rate of 100 per cent-Review petition is dismissed on account of 412 days in filing the review petition and also on merits. [S.80IC, Art. 136]
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