https://www.taxtmi.com/caselaws?id=176394 The HC dismissed the revenue's appeal, upholding the Tribunal's decision that the assessee was eligible for the section 10B exemption under the Income-tax Act, 1961. The court clarified that the "newly established undertaking" term is used to determine the start of the ten-year exemption period, not a requirement for each year of claiming. Since the assessee began operations in 1998-99 and claimed the exemption for 2001-02, it fell within the permissible ten-year period. The court found no substantial question of law in the revenue's appeal. en-us Thu, 24 Jul 2008 00:00:00 +0530 Wed, 29 Nov 2023 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176394 The HC dismissed the revenue's appeal, upholding the Tribunal's decision that the assessee was eligible for the section 10B exemption under the Income-tax Act, 1961. The court clarified that the "newly established undertaking" term is used to determine the start of the ten-year exemption period, not a requirement for each year of claiming. Since the assessee began operations in 1998-99 and claimed the exemption for 2001-02, it fell within the permissible ten-year period. The court found no substantial question of law in the revenue's appeal. Case-Laws Income Tax Thu, 24 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176394