New firm acquiring new plant & machinery is eligible to claim deduction u/s 80IC

Sharda Exports Vs DCIT (ITAT Delhi) ITAT Delhi held that conditions for the eligibility of claim u/s 80IC in the case of a new industrial undertaking stands satisfied as new firm acquired new plant & machinery which was not previously used. Facts- The assessee claimed deduction u/s 80IC of the Income Tax Act, 1961 from the A.Y. 2010-11 onwards. The instant assessee had turnover of Rs.75 Cr. in the first year of business. The moot allegation of the Assessing Officer was that the assessee went on changing the firm structure only to claim deduction u/s 80IC and the assessee could not have had...