https://www.taxtmi.com/caselaws?id=308102 The Tribunal allowed the appeal of the assessee, granting 100% deduction under section 80IC of the Income Tax Act for substantial expansion, disallowing the claim of deduction on account of exchange rate fluctuation, and allowing expenditure related to gifts, charity, and donations. The Tribunal held that the entity carrying out substantial expansion within the specified period is entitled to 100% deduction for the next five years, allowed the claim of deduction related to foreign exchange fluctuations, and granted a 100% tax holiday even if the expenses were fully disallowed on merits. en-us Tue, 14 Jun 2022 00:00:00 +0530 Tue, 30 May 2023 21:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308102 The Tribunal allowed the appeal of the assessee, granting 100% deduction under section 80IC of the Income Tax Act for substantial expansion, disallowing the claim of deduction on account of exchange rate fluctuation, and allowing expenditure related to gifts, charity, and donations. The Tribunal held that the entity carrying out substantial expansion within the specified period is entitled to 100% deduction for the next five years, allowed the claim of deduction related to foreign exchange fluctuations, and granted a 100% tax holiday even if the expenses were fully disallowed on merits. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308102