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2016 (8) TMI 734 - ITAT CHANDIGARHDeduction u/s 80IC - Held that:- Section 80IC was inserted to give effect to the new package announced by the Union Cabinet. The Circular further clarifies that this section provides for deduction for a period of 10 years from the profits of new undertaking or enterprise or existing undertaking or enterprise on their substantial expansion (see highlighted portion of the circular). The contention of the Ld. Counsel of the assessee was that word ‘existing’ qualifies only the undertaking or enterprises and does not mention any particular date for carrying out substantial expansion. Assessee appellant is eligible for deduction under section 80 IC @ 25 % of the profit derived from industrial undertaking for these years and not @ 100 % of deduction claimed by the assessee
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