S.80IB deduction not available in absence of Factory License

CIT Vs. Jolly Polymer (Gujarat High Court) Assessee  claimed deduction u/s Sec 80IB for AY 2005- 06. The AO noticed that though the auditor has certified that manufacturing activity had commenced in March 2004, Factory license was obtained only in May 2005. He contended that without such license, the assessee could not have commenced the manufacturing activity before April 1st 2004, which was the precondition to avail Sec 80IB benefit. He therefore, disallowed the deduction u/s 80IB claimed by the assessee. On the other hand, the assessee con-tended that it had complied with all the condition...