The Tax Publishers2020 TaxPub(DT) 5113 (Del-Trib)

INCOME TAX ACT, 1961

Section 80-IC

When assessee carried out substantial expansion in the existing unit immediately on completion of first five years i.e. in financial year 2011-12 and duly complied with conditions laid down in clause (ix) sub-section (8) of section 80-IC, it was entitled for 100% deduction for concerned assessment year 2013-14.

Deduction under section 80-IC - Allowability - Assessee claimed 100% deduction after substantial expansion in existing unit carried out immediately after completion of first five year -

Assessee started commercial production in 2007-08 and successfully claimed deduction under section 80-IC for 5 years till 2012-13. Question arose for determination was whether 'assessee was entiteld for 100% deduction under section 80-IC during assessment year 2013-14 after substantial expansion was carried out during financial year 2011-12. Held: When assessee carried out substantial expansion in the existing unit immediately on completion of first five years i.e. in financial year 2011-12 and duly complied with conditions laid down in clause (ix) sub-section (8) of section 80-IC, it was entitled for deduction for the year under consideration @ 100%.

Followed:Tirupati LPG Industries Ltd. v. Dy.CIT (22014) 151 ITD 1 (Del) : 2014 TaxPub(DT) 4266 (Del-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2013-14

INCOME TAX ACT, 1961

Section 143(3)

SUBSCRIBE TaxPublishers.inSUBSCRIBE FOR FULL CONTENT