https://www.taxtmi.com/forum/issue?id=5208 Deduction under Section 80IC is limited to qualifying new plant and machinery; the assessing officer may disallow a claim if the taxpayer cannot prove the assets are new. Purchase from a financial corporation does not, by itself, prove first-use. The burden is on the taxpayer to produce evidence that the taxpayer is the first user of the plant and machinery to sustain the deduction. en-us Sat, 19 Jan 2013 14:22:36 +0530 Thu, 23 Jan 2025 15:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5208 Deduction under Section 80IC is limited to qualifying new plant and machinery; the assessing officer may disallow a claim if the taxpayer cannot prove the assets are new. Purchase from a financial corporation does not, by itself, prove first-use. The burden is on the taxpayer to produce evidence that the taxpayer is the first user of the plant and machinery to sustain the deduction. Discussion-Forum Income Tax Sat, 19 Jan 2013 14:22:36 +0530 https://www.taxtmi.com/forum/issue?id=5208