https://www.taxtmi.com/caselaws?id=391701 The ITAT Chandigarh resolved two appeals in favor of the assessee. First, the penalty under section 271(1)(c) of the Income Tax Act, 1961, was deemed unsustainable and deleted, following the Supreme Court's favorable judgment. Second, the denial of 100% deduction for substantial expansion was overturned, confirming the assessee's entitlement. However, it was clarified that the total deduction period under section 80IC should not exceed 10 years. Consequently, both appeals were allowed, providing a comprehensive resolution to the deduction issue. en-us Tue, 31 Dec 2019 00:00:00 +0530 Thu, 07 Nov 2024 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391701 The ITAT Chandigarh resolved two appeals in favor of the assessee. First, the penalty under section 271(1)(c) of the Income Tax Act, 1961, was deemed unsustainable and deleted, following the Supreme Court's favorable judgment. Second, the denial of 100% deduction for substantial expansion was overturned, confirming the assessee's entitlement. However, it was clarified that the total deduction period under section 80IC should not exceed 10 years. Consequently, both appeals were allowed, providing a comprehensive resolution to the deduction issue. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391701