https://www.taxtmi.com/caselaws?id=754678 Section 32AD grants an additional investment allowance for an undertaking set up on or after 1 April 2015 in a notified backward area, where the new asset is acquired and installed within the statutory period up to 31 March 2020. The provision is stated to apply from assessment year 2016-17. A later notification identifying backward areas is treated as an implementation measure only; it does not postpone the section's operation or insert an unstated cut-off date. As a beneficial tax incentive, section 32AD(1) is to be construed liberally once the eligibility conditions are satisfied, and the notification cannot override or curtail the statutory benefit. en-us Mon, 06 May 2024 00:00:00 +0530 Fri, 28 Jun 2024 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754678 Section 32AD grants an additional investment allowance for an undertaking set up on or after 1 April 2015 in a notified backward area, where the new asset is acquired and installed within the statutory period up to 31 March 2020. The provision is stated to apply from assessment year 2016-17. A later notification identifying backward areas is treated as an implementation measure only; it does not postpone the section's operation or insert an unstated cut-off date. As a beneficial tax incentive, section 32AD(1) is to be construed liberally once the eligibility conditions are satisfied, and the notification cannot override or curtail the statutory benefit. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754678