Allowing the appeal of the assessee the Court held that the assessee undertaking which carried out ‘substantial expansion’ within specified window period i.e. between 7-1-2003 and 1-4-2012, would be entitled to deduction on profits at rate of 100 per cent, under section 80IC post said expansion. Followed Stovekraft India v. CIT (2018) 400 ITR 225 (Himachal Pradesh)(HC)
SBS Biotech Unit-I v. PCIT (2020) 114 taxmann.com 99 (Himachal Pradesh)(HC) Editorial : SLP of revenue is dismissed PCIT v. SBS Biotech Unit-I (2020) 270 Taxman 173 (SC)
S. 80IC : Special category States-Substantial expansion-Entitle to deduction.