https://www.taxtmi.com/caselaws?id=409481 The Tribunal upheld the Assessing Officer's decision to allow the deduction under Section 80IC for Unit-II producing Dissolved Acetylene Gas, rejecting the Principal Commissioner of Income Tax's contention that the product fell under the negative list. Additionally, the Tribunal confirmed that no deduction was allowed for rental income and interest on securities deposited with the Sales Tax Department and HPSEB in Unit-I (IU-II), as previously disallowed by the AO. The Tribunal also supported the assessee's position on the correct apportionment of expenses between Unit-I (IU-II) and Unit-II, setting aside the Principal Commissioner's order and allowing the assessee's appeal. en-us Wed, 30 Jun 2021 00:00:00 +0530 Thu, 08 Jul 2021 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409481 The Tribunal upheld the Assessing Officer's decision to allow the deduction under Section 80IC for Unit-II producing Dissolved Acetylene Gas, rejecting the Principal Commissioner of Income Tax's contention that the product fell under the negative list. Additionally, the Tribunal confirmed that no deduction was allowed for rental income and interest on securities deposited with the Sales Tax Department and HPSEB in Unit-I (IU-II), as previously disallowed by the AO. The Tribunal also supported the assessee's position on the correct apportionment of expenses between Unit-I (IU-II) and Unit-II, setting aside the Principal Commissioner's order and allowing the assessee's appeal. Case-Laws Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409481