https://www.taxtmi.com/caselaws?id=444464 The Tribunal upheld the CIT(A)'s decision, allowing the deduction under Section 80IC for the new firm, concluding that the restructuring was legitimate and the business was conducted legally. However, the Tribunal disallowed the deduction under Section 80IC for duty drawback, aligning with the Supreme Court's stance that such incentives are not derived from the industrial undertaking's business. Both the Revenue's and the assessee's appeals were dismissed, affirming the CIT(A)'s rulings on both issues. en-us Fri, 12 May 2023 00:00:00 +0530 Mon, 16 Oct 2023 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444464 The Tribunal upheld the CIT(A)'s decision, allowing the deduction under Section 80IC for the new firm, concluding that the restructuring was legitimate and the business was conducted legally. However, the Tribunal disallowed the deduction under Section 80IC for duty drawback, aligning with the Supreme Court's stance that such incentives are not derived from the industrial undertaking's business. Both the Revenue's and the assessee's appeals were dismissed, affirming the CIT(A)'s rulings on both issues. Case-Laws Income Tax Fri, 12 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444464