S. 80IB Each new project for a new film cannot be considered as split up or reconstruction of existing business

DCIT Vs Shri K.T. Kunjumon (ITAT Chennai) Conclusion: Assessee-producer having film production unit entitled for income tax deduction under section 80IB as assessee was running a production house and each new project for a new film, could not be considered as split up or reconstruction of the business already in existence. Held: AO held that assessee was producing movies since Nineteen Eighties and production of a new movie, though it could be construed as a new project was nothing but splitting up or reconstruction of a business already in existence, therefore, not entitled for income tax ded...