Deduction U/s 80IC is available to the unit in specified industrail area . It is only availble when it is claimed as deduction in the return filled under section 139(1).
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Discussion / Re: deduction of 80-IC in the year of part IX conversion
April 13, 2013, 04:11:08 PM #2
Discussion / Re: Section 80-IC - Substantial Expansion - Initial Assessment Year
April 13, 2013, 04:05:49 PM
In the matter of substantial expansion , you are very clear about Increase in Investment in Plant & machinery by at least 50% of the book value . Now your query is .in case the 50% is achieved in two or more Financial Year whether it is will be considered under substantial expansion. Yes only in case Deprecation were not claimed on the addition/ investment in plant & machinery . It is held in following ITAT judgment
1.Income Tax Appellate Tribunal – Chandigarh S.R. Paryavaran Enginers (P) ... vs Department Of Income Tax on 30 August, 2010
1.Income Tax Appellate Tribunal – Chandigarh S.R. Paryavaran Enginers (P) ... vs Department Of Income Tax on 30 August, 2010
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