https://www.taxtmi.com/caselaws?id=404153 The court ruled in favor of the assessee, a public limited company engaged in electricity distribution, regarding the disallowance of a deduction claimed under Section 80IA(4)(iv)(c) of the Income Tax Act for the Assessment Year 2005-06. The court held that the assessee met the requirements of the deduction by undertaking substantial renovation and modernization, rejecting the need for capitalization of expenditure as a condition for claiming the deduction. Additionally, the court clarified that Section 115JB of the Income Tax Act was not applicable to the assessee for the relevant assessment year. The appeal was decided in favor of the assessee, overturning the lower authorities' decisions. en-us Wed, 27 Jan 2021 00:00:00 +0530 Wed, 24 Mar 2021 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404153 The court ruled in favor of the assessee, a public limited company engaged in electricity distribution, regarding the disallowance of a deduction claimed under Section 80IA(4)(iv)(c) of the Income Tax Act for the Assessment Year 2005-06. The court held that the assessee met the requirements of the deduction by undertaking substantial renovation and modernization, rejecting the need for capitalization of expenditure as a condition for claiming the deduction. Additionally, the court clarified that Section 115JB of the Income Tax Act was not applicable to the assessee for the relevant assessment year. The appeal was decided in favor of the assessee, overturning the lower authorities' decisions. Case-Laws Income Tax Wed, 27 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404153