https://www.taxtmi.com/caselaws?id=327970 Deduction under section 80IB depends on satisfaction of the statutory conditions in the relevant assessment year, and the benefit does not continue merely because it was allowed in earlier years. Where the undertaking no longer qualifies as a small scale industrial undertaking on the last day of the previous year, the deduction cannot be claimed for that year. On section 14A, the disallowance was restricted to 2% of exempt income for the years where the issue survived, and no further adjustment was required where the assessee had already disallowed more than that amount. The article therefore states that eligibility under section 80IB is year-specific, while section 14A disallowance may be capped at the applied judicial benchmark. en-us Wed, 16 Mar 2016 00:00:00 +0530 Fri, 13 May 2016 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327970 Deduction under section 80IB depends on satisfaction of the statutory conditions in the relevant assessment year, and the benefit does not continue merely because it was allowed in earlier years. Where the undertaking no longer qualifies as a small scale industrial undertaking on the last day of the previous year, the deduction cannot be claimed for that year. On section 14A, the disallowance was restricted to 2% of exempt income for the years where the issue survived, and no further adjustment was required where the assessee had already disallowed more than that amount. The article therefore states that eligibility under section 80IB is year-specific, while section 14A disallowance may be capped at the applied judicial benchmark. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327970