https://www.taxtmi.com/caselaws?id=375368 The High Court of Bombay ruled in favor of the revenue in an appeal challenging the Income Tax Appellate Tribunal's order regarding a small scale industry's deduction under Section 80IB for Assessment Year 2010-11. The court held that the conditions for qualifying as a small scale industry for the deduction do not need to be fulfilled on a year-to-year basis but only in the initial year, aligning with a previous Supreme Court decision. Consequently, the appeal was allowed in favor of the revenue, denying the assessee's claim for the deduction. en-us Mon, 19 Nov 2018 00:00:00 +0530 Mon, 18 Feb 2019 06:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375368 The High Court of Bombay ruled in favor of the revenue in an appeal challenging the Income Tax Appellate Tribunal's order regarding a small scale industry's deduction under Section 80IB for Assessment Year 2010-11. The court held that the conditions for qualifying as a small scale industry for the deduction do not need to be fulfilled on a year-to-year basis but only in the initial year, aligning with a previous Supreme Court decision. Consequently, the appeal was allowed in favor of the revenue, denying the assessee's claim for the deduction. Case-Laws Income Tax Mon, 19 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375368