2021 (9) TMI 1452 - SCH - Income Tax

Deduction u/s 80IA on Internet services and internet telephone - reconstitution - change in shareholding - Revenue argued business was formed by splitting up and reconstruction of business already in existence or by transfer of old Plant Machinery - Pattern of shareholding - Once the assessee is able to show that it has used new plants and machinery which has not been previously used for any purpose and the new undertaking is not formed by splitting up or reconstruction of business already in existence - HELD THAT - We see no reason to interfere with the impugned judgment and order passed by the High Court. The Special Leave Petition is dismissed. Pending applications shall stand disposed of.

Summary

The Supreme Court dismissed the Special Leave Petition, stating no reason to interfere with the High Court's judgment and order. Delay was condoned, and pending applications were disposed of.