INCOME TAX OFFICER, WARD-3(1), HYDERABAD vs. REGENCY CERAMICS LIMITED, HYDERABAD

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ITA 1350/HYD/2024Status: DisposedITAT Hyderabad02 June 2025AY 1998-991 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that 'discontinuance' of business includes temporary interruption and that the damage caused by the cyclone qualified for revival under Section 33B, allowing the deduction under Section 80IA. The Revenue's grounds of appeal were dismissed.

What were the facts?

The assessee, Regency Ceramics Limited, claimed deduction under Section 80IA read with Section 33B of the Income Tax Act due to extensive damage to its factory from a cyclone. The Revenue disputed this, arguing that the business was not discontinued as per Section 33B.

What were the issues?

Whether the damage to the assessee's factory due to a cyclone constituted a 'discontinuance' of business for the purpose of claiming deduction under Section 80IA read with Section 33B.

Which sections of the Income-tax Act were involved?

Section 80IA,Section 33B,Section 115JA,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ B ‘ Bench, Hyderabad

आदेशकी प्रतततिति अग्रेतषत/ Copy of the order forwarded to:- 1. तिर्ााररती/The Assessee : Regency Ceramics Limited, 6-3-1090/A/7/IMS House Rajbhavan, Somajiguda, Hyderabad, Telangana-500082.

31 ITO, Ward 3(1), Hyderabad Vs. Regency Ceramics Ltd.

1337 to 1340/Hyd/2024 AY(s). 1998-99 to 2002-03

2.

राजस्व/ The Revenue Income Tax Officer, Ward-3(1), 7th Floor, Signature : Towers, Kodapur, Hyderabad, Telangana-500084.

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