https://www.taxtmi.com/caselaws?id=280579 The Hon'ble Himachal Pradesh High Court ruled that new undertakings set up after 07-01-2003 are entitled to deduction @100% of profits on carrying out substantial expansion under section 80IC of the Income-tax Act, 1961. The ITAT allowed all appeals, directing the Assessing Officer to grant the deduction of eligible profits as per the High Court ruling. Additionally, specific expenses disallowed under section 36(i)(iii) and bad debts claimed as expenses were allowed based on relevant case law and circulars, resulting in the deletion of the additions made on these accounts. en-us Mon, 15 Jan 2018 00:00:00 +0530 Sat, 11 May 2019 07:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280579 The Hon'ble Himachal Pradesh High Court ruled that new undertakings set up after 07-01-2003 are entitled to deduction @100% of profits on carrying out substantial expansion under section 80IC of the Income-tax Act, 1961. The ITAT allowed all appeals, directing the Assessing Officer to grant the deduction of eligible profits as per the High Court ruling. Additionally, specific expenses disallowed under section 36(i)(iii) and bad debts claimed as expenses were allowed based on relevant case law and circulars, resulting in the deletion of the additions made on these accounts. Case-Laws Income Tax Mon, 15 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280579