https://www.taxtmi.com/caselaws?id=427826 The Supreme Court allowed the appeals of the assessee, who was denied a deduction under section 80-IC of the Income Tax Act for assessment years 2012-13 and 2015-16. The Court held that the year of substantial expansion should be considered the initial assessment year for claiming 100% deduction if the expansion occurs within 10 years of setting up the unit. This decision clarified the definition of 'initial assessment year' under section 80-IC, overturning the previous ruling in Classic Binding Industries. As a result, the assessee was entitled to the deduction, and the Assessing Officer was directed to allow the claim. en-us Thu, 15 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427826 The Supreme Court allowed the appeals of the assessee, who was denied a deduction under section 80-IC of the Income Tax Act for assessment years 2012-13 and 2015-16. The Court held that the year of substantial expansion should be considered the initial assessment year for claiming 100% deduction if the expansion occurs within 10 years of setting up the unit. This decision clarified the definition of 'initial assessment year' under section 80-IC, overturning the previous ruling in Classic Binding Industries. As a result, the assessee was entitled to the deduction, and the Assessing Officer was directed to allow the claim. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427826