https://www.taxtmi.com/caselaws?id=260800 The court clarified that Section 80-IC of the Income Tax Act applies to both new and existing units, with substantial expansion benefits intended for units existing before January 7, 2003. Units undertaking substantial expansion are limited to 100% deduction for the first five years and 25% for the subsequent five years. The 'initial assessment year' is the year of manufacturing commencement or substantial expansion, and other incomes like interest on margin money do not qualify for deduction. Interest on late ESI & PF deposits is allowable if made before the return due date. Disallowance for non-charging interest on partners' withdrawals depends on partnership deed provisions. en-us Wed, 27 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260800 The court clarified that Section 80-IC of the Income Tax Act applies to both new and existing units, with substantial expansion benefits intended for units existing before January 7, 2003. Units undertaking substantial expansion are limited to 100% deduction for the first five years and 25% for the subsequent five years. The 'initial assessment year' is the year of manufacturing commencement or substantial expansion, and other incomes like interest on margin money do not qualify for deduction. Interest on late ESI & PF deposits is allowable if made before the return due date. Disallowance for non-charging interest on partners' withdrawals depends on partnership deed provisions. Case-Laws Income Tax Wed, 27 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260800