https://www.taxtmi.com/caselaws?id=365737 The SC held that under Section 80-IC, an assessee cannot claim 100% deduction for the entire 10-year period by treating substantial expansion as creating a new initial assessment year. The provision allows 100% deduction for first five years and 25% (or 30% for companies) for next five years, totaling 10 years maximum. Once the initial assessment year commences and deduction begins, no second initial assessment year can be claimed within the 10-year period based on substantial expansion. This interpretation prevents circumvention of the statutory scheme limiting total deduction period to 10 years. Decision favored revenue. en-us Mon, 20 Aug 2018 00:00:00 +0530 Thu, 08 May 2025 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365737 The SC held that under Section 80-IC, an assessee cannot claim 100% deduction for the entire 10-year period by treating substantial expansion as creating a new initial assessment year. The provision allows 100% deduction for first five years and 25% (or 30% for companies) for next five years, totaling 10 years maximum. Once the initial assessment year commences and deduction begins, no second initial assessment year can be claimed within the 10-year period based on substantial expansion. This interpretation prevents circumvention of the statutory scheme limiting total deduction period to 10 years. Decision favored revenue. Case-Laws Income Tax Mon, 20 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365737