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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Deduction Continuity: Preserving Existing Industrial Undertakings' Benefits Under New Income Tax Legislation Clause 141</h1> Clause 141 of the Income Tax Bill, 2025 provides a transitional mechanism for preserving tax deductions previously available under Section 80-IB of the Income Tax Act, 1961. The provision ensures continuity of tax benefits for existing industrial undertakings that commenced operations under the old law, maintaining eligibility criteria, deduction quantum, and compliance requirements. It serves as a grandfathering clause, protecting taxpayers' legitimate expectations while facilitating a smooth transition to the new tax regime.
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