Supreme Court · 2018 INSC 725 · Decided 20 August 2018
Commissioner of Income Tax v. M/S. Classic Binding Industries
- Court
- Supreme Court of India
- Citation
- 2018 INSC 725 · [2018] 9 S.C.R. 949
- Case number
- CIVIL APPEAL No. 7208/2018
- Decided
- 20 August 2018
- Bench
- A.K. SIKRI, ASHOK BHUSHAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 80
Headnote
Income Tax Act, 1961: s.80-IC - Whether an assessee who sets up a new industry of a kind mentioned in sub-section (2) of s.80-IC of the Act and starts availing exemption of 100% tax under sub-section (3) of s.80-IC (which is admissible for five years) can start claiming the exemption at the of five years on the ground that the assessee has now carried out substantial expansion in its manufacturing unit - Held: A pragmatic and reasonable interpretation of s.80-IC is that once the initial Assessment Year commences and an assessee, by virtue of fulfilling the conditions laid
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