https://www.taxtmi.com/caselaws?id=373125 The tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision, allowing the deduction under Section 80IC of the Income Tax Act. It was ruled that the 80:20 ratio requirement for new versus used machinery applies only in the year of formation of the unit and not in subsequent years. The decision emphasized that subsequent years should focus on yearly compliance conditions, and unless prior years' deductions are disturbed, subsequent deductions should not be disallowed. The judgment was issued on January 3, 2019. en-us Thu, 03 Jan 2019 00:00:00 +0530 Mon, 07 Jan 2019 12:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373125 The tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision, allowing the deduction under Section 80IC of the Income Tax Act. It was ruled that the 80:20 ratio requirement for new versus used machinery applies only in the year of formation of the unit and not in subsequent years. The decision emphasized that subsequent years should focus on yearly compliance conditions, and unless prior years' deductions are disturbed, subsequent deductions should not be disallowed. The judgment was issued on January 3, 2019. Case-Laws Income Tax Thu, 03 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373125