https://www.taxtmi.com/caselaws?id=236407 Deduction under section 80IB depends on continued satisfaction of the statutory eligibility conditions in the relevant year. For a small-scale industrial undertaking, the classification must exist on the last day of the previous year, because section 80IB(14)(g) links eligibility to the status recognised under the Industries (Development and Regulation) Act, 1951. On the facts, the plant and machinery had crossed the prescribed limit during the year, so the assessee no longer qualified as a small-scale industrial undertaking for that assessment year. The deduction under section 80IB(3) was therefore not allowable and the disallowance was upheld. en-us Fri, 24 May 2013 00:00:00 +0530 Sat, 02 Nov 2013 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236407 Deduction under section 80IB depends on continued satisfaction of the statutory eligibility conditions in the relevant year. For a small-scale industrial undertaking, the classification must exist on the last day of the previous year, because section 80IB(14)(g) links eligibility to the status recognised under the Industries (Development and Regulation) Act, 1951. On the facts, the plant and machinery had crossed the prescribed limit during the year, so the assessee no longer qualified as a small-scale industrial undertaking for that assessment year. The deduction under section 80IB(3) was therefore not allowable and the disallowance was upheld. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236407