https://www.taxtmi.com/caselaws?id=400079 A distinct new industrial unit qualifies for Section 10B deduction where the facts show fresh approval, substantial investment in new plant and machinery, and an undertaking separate from mere expansion or reconstruction of an existing business. Delegated approval by the Development Commissioner satisfies the statutory approval requirement under the Section 10B framework when granted within authorised powers, so separate board approval is not necessary on those facts. Disallowance under Section 14A read with Rule 8D is not justified where the record does not establish borrowed funds or identifiable expenditure incurred to earn exempt income beyond what the assessee has already worked out. en-us Thu, 22 Oct 2020 00:00:00 +0530 Fri, 13 Aug 2021 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400079 A distinct new industrial unit qualifies for Section 10B deduction where the facts show fresh approval, substantial investment in new plant and machinery, and an undertaking separate from mere expansion or reconstruction of an existing business. Delegated approval by the Development Commissioner satisfies the statutory approval requirement under the Section 10B framework when granted within authorised powers, so separate board approval is not necessary on those facts. Disallowance under Section 14A read with Rule 8D is not justified where the record does not establish borrowed funds or identifiable expenditure incurred to earn exempt income beyond what the assessee has already worked out. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400079