https://www.taxtmi.com/caselaws?id=188653 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax (Appeals) (CIT(A)) decision, determining that the Filati unit was a separate and viable industrial undertaking eligible for deduction under section 10B of the IT Act, 1961. The ITAT rejected the Assessing Officer's contention that the Filati unit was a reconstruction of the existing business, emphasizing the unit's distinct identity, substantial fresh capital, and compliance with necessary approvals. Relying on legal precedents, including the Supreme Court's ruling in Textile Machinery Corporation Limited v. CIT, the ITAT affirmed that the Filati unit's establishment constituted expansion rather than reconstruction, thus entitling the assessee to the claimed deduction. en-us Fri, 27 Jan 2012 00:00:00 +0530 Sat, 10 Dec 2016 13:29:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188653 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax (Appeals) (CIT(A)) decision, determining that the Filati unit was a separate and viable industrial undertaking eligible for deduction under section 10B of the IT Act, 1961. The ITAT rejected the Assessing Officer's contention that the Filati unit was a reconstruction of the existing business, emphasizing the unit's distinct identity, substantial fresh capital, and compliance with necessary approvals. Relying on legal precedents, including the Supreme Court's ruling in Textile Machinery Corporation Limited v. CIT, the ITAT affirmed that the Filati unit's establishment constituted expansion rather than reconstruction, thus entitling the assessee to the claimed deduction. Case-Laws Income Tax Fri, 27 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188653