https://www.taxtmi.com/caselaws?id=375658 SC held that a substantial expansion of an existing manufacturing unit qualifies as a new "initial assessment year" under section 80-IC, entitling the unit to a fresh 100% deduction of profits for the applicable period, subject to the ten-year cap. The Court overruled the contrary approach in Classic Binding, aligned with the reasoning in Mahabir, and emphasized the differing statutory definitions in sections 80-IB and 80-IC. Applied prospectively to qualifying units set up between 7 Jan 2003 and 1 Apr 2012 in Himachal Pradesh, the ruling permits renewal of 100% exemption upon substantial expansion, with the overall deduction periods governed by subsection (6). Decision for the assessee. en-us Wed, 20 Feb 2019 00:00:00 +0530 Thu, 18 Sep 2025 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375658 SC held that a substantial expansion of an existing manufacturing unit qualifies as a new "initial assessment year" under section 80-IC, entitling the unit to a fresh 100% deduction of profits for the applicable period, subject to the ten-year cap. The Court overruled the contrary approach in Classic Binding, aligned with the reasoning in Mahabir, and emphasized the differing statutory definitions in sections 80-IB and 80-IC. Applied prospectively to qualifying units set up between 7 Jan 2003 and 1 Apr 2012 in Himachal Pradesh, the ruling permits renewal of 100% exemption upon substantial expansion, with the overall deduction periods governed by subsection (6). Decision for the assessee. Case-Laws Income Tax Wed, 20 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375658