https://www.taxtmi.com/caselaws?id=259638 Section 80IB incentive deduction for a small-scale industrial undertaking is tested at the time the benefit is first availed, and subsequent expansion crossing the plant-and-machinery investment threshold does not by itself terminate the deduction unless the statute expressly requires continuing compliance. The Tribunal treated the provision as an incentive scheme to be construed in favour of industrial growth, and held that the absence of an express continued-limit condition meant later increase in machinery value did not defeat eligibility. The Revenue's objection on the basis of the post-qualification threshold breach therefore failed, and the deduction remained available for the relevant years. en-us Fri, 24 Apr 2015 00:00:00 +0530 Sat, 16 May 2015 06:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259638 Section 80IB incentive deduction for a small-scale industrial undertaking is tested at the time the benefit is first availed, and subsequent expansion crossing the plant-and-machinery investment threshold does not by itself terminate the deduction unless the statute expressly requires continuing compliance. The Tribunal treated the provision as an incentive scheme to be construed in favour of industrial growth, and held that the absence of an express continued-limit condition meant later increase in machinery value did not defeat eligibility. The Revenue's objection on the basis of the post-qualification threshold breach therefore failed, and the deduction remained available for the relevant years. Case-Laws Income Tax Fri, 24 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259638