https://www.taxtmi.com/caselaws?id=385329 The tribunal upheld the CIT(A)'s decision, affirming the taxpayer's eligibility for deductions under Sections 80IB and 80IC of the Income Tax Act for the relevant assessment years. It concluded that each oil well qualified as a new industrial undertaking, complied with Rule 18BBB(2), and constituted a mineral-based industry. The tribunal dismissed the Revenue's appeals, allowing the taxpayer's claims, based on compliance with statutory provisions and judicial precedents. The tribunal found that the taxpayer satisfactorily submitted the required audit reports and maintained necessary accounts, thus meeting the conditions for the deductions. en-us Wed, 28 Aug 2019 00:00:00 +0530 Mon, 11 Nov 2024 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385329 The tribunal upheld the CIT(A)'s decision, affirming the taxpayer's eligibility for deductions under Sections 80IB and 80IC of the Income Tax Act for the relevant assessment years. It concluded that each oil well qualified as a new industrial undertaking, complied with Rule 18BBB(2), and constituted a mineral-based industry. The tribunal dismissed the Revenue's appeals, allowing the taxpayer's claims, based on compliance with statutory provisions and judicial precedents. The tribunal found that the taxpayer satisfactorily submitted the required audit reports and maintained necessary accounts, thus meeting the conditions for the deductions. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385329