TaxTMI 
TaxTMI 
Tax Authority Correctly Applies New vs. Old Machinery Test for Section 80IC Deductions in First Year of New Undertaking Formation.
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....Deduction u/s.80IC - CIT(A) has correctly applied the test of new machinery vis-à-vis old machinery in the year of the formation of the new undertaking i.e. the year one and not in the subsequent years.....