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| The Tax Publishers2020 TaxPub(DT) 1343 (HP-HC) INCOME TAX ACT, 1961
Section 80-IC
Those units which have commenced production after 7-1-2003 and carried out 'substantial expansion' prior to 1-4-2012 would be entitled to benefit of deduction under section 80-IC at different rate of percentages and there may be more than one initial assessment year and also more than one substantial expansion but cap is total ten assessment years
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Deduction under section 80-IC - Substantial expansion - Computation of -
Issue arose for consideration as to whether an undertaking or an enterprise established after 7-1-2003, carrying out substantial expansion within the specified window period, i.e., between 7-1-2003 and 1-4-2012, would be entitled to deduction on profits @ 100%, under section 80-IC. Held: Issues involved in the present appeals already stand adjudicated by this Court in ITA No. 20 of 2015, titled as Stovekraft India v. CIT (2018) 400 ITR 225 (HP) : 2017 TaxPub(DT) 5182 (HP-HC). Those units which have commenced production after 7-1-2003 and carried out 'substantial expansion' prior to 1-4-2012 would be entitled to benefit of deduction under section 80-IC at different rate of percentages and there may be more than one initial assessment year and also more than one substantial expansion but cap is total ten assessment years.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE HIMACHAL PRADESH HIGH COURT
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