https://www.taxtmi.com/caselaws?id=410426 The ITAT dismissed the Department's appeal and upheld the CIT(A)'s decision to allow the assessee's claim of 100% deduction for the 6th assessment year based on substantial expansion. The ITAT emphasized the absence of statutory restrictions on re-fixing the initial assessment year for substantial expansions and referenced relevant judicial precedents, including the Tirupati LPG Industries Limited case and Pr. Commissioner of Income Tax vs. Aarham Softronics case, to support its decision. The judgment highlighted the importance of encouraging industrial growth through substantial expansions and affirmed the assessee's entitlement to the deduction under Section 80IC. en-us Mon, 31 May 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410426 The ITAT dismissed the Department's appeal and upheld the CIT(A)'s decision to allow the assessee's claim of 100% deduction for the 6th assessment year based on substantial expansion. The ITAT emphasized the absence of statutory restrictions on re-fixing the initial assessment year for substantial expansions and referenced relevant judicial precedents, including the Tirupati LPG Industries Limited case and Pr. Commissioner of Income Tax vs. Aarham Softronics case, to support its decision. The judgment highlighted the importance of encouraging industrial growth through substantial expansions and affirmed the assessee's entitlement to the deduction under Section 80IC. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410426