https://www.taxtmi.com/caselaws?id=775587 The ITAT Hyderabad upheld the CIT(A)'s decision allowing the assessee's deduction under section 80IA read with section 33B of the IT Act. The tribunal rejected the revenue's contention that "discontinuance" of business requires permanent cessation with no intention to resume. It held that "discontinuance" means any interruption, temporary or permanent, caused by events specified in section 33B, such as natural calamities. Since the assessee's business was interrupted due to cyclone damage and subsequently revived, it qualified for the deduction. The tribunal found no infirmity in CIT(A)'s conclusion that the statutory proviso exempts such revival from the general bar on deductions for reconstructed businesses, thus deciding in favor of the assessee. en-us Mon, 02 Jun 2025 00:00:00 +0530 Mon, 28 Jul 2025 08:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775587 The ITAT Hyderabad upheld the CIT(A)'s decision allowing the assessee's deduction under section 80IA read with section 33B of the IT Act. The tribunal rejected the revenue's contention that "discontinuance" of business requires permanent cessation with no intention to resume. It held that "discontinuance" means any interruption, temporary or permanent, caused by events specified in section 33B, such as natural calamities. Since the assessee's business was interrupted due to cyclone damage and subsequently revived, it qualified for the deduction. The tribunal found no infirmity in CIT(A)'s conclusion that the statutory proviso exempts such revival from the general bar on deductions for reconstructed businesses, thus deciding in favor of the assessee. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775587