https://www.taxtmi.com/article/detailed?id=1968 The statute defines substantial expansion as an increase in investment in plant and machinery by at least fifty per cent of the book value measured at original cost as on the first day of the previous year in which expansion is undertaken, and defines initial assessment year as the year in which the undertaking completes substantial expansion. These statutory conditions form a self contained code for incentive eligibility; additional conditions imposed by a tribunal-such as treating expansion as a distinct new business or postponing first depreciation to the initial year-are not supported by the statutory text and may be subject to rectification and appeal. en-us Thu, 13 Dec 2012 12:57:57 +0530 Thu, 13 Dec 2012 12:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1968 The statute defines substantial expansion as an increase in investment in plant and machinery by at least fifty per cent of the book value measured at original cost as on the first day of the previous year in which expansion is undertaken, and defines initial assessment year as the year in which the undertaking completes substantial expansion. These statutory conditions form a self contained code for incentive eligibility; additional conditions imposed by a tribunal-such as treating expansion as a distinct new business or postponing first depreciation to the initial year-are not supported by the statutory text and may be subject to rectification and appeal. Articles Income Tax Thu, 13 Dec 2012 12:57:57 +0530 https://www.taxtmi.com/article/detailed?id=1968