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HC ruled that Section 80IB(10) deduction remains available for AY 2006-2007, with Section 80AC restriction not retroactively applicable. The benefit can be claimed for AY 2007-2008 onwards, subject to potential legal challenge in separate proceedings. The substantial questions of law were partly answered against the assessee for AY 2007-2008 to 2011-2012, while AY 2006-2007 was decided in the assessee's favor, consistent with precedential judicial interpretations regarding tax deduction provisions.