Calcutta HC Allows Section 80-IC(2)(a)(i) deduction for pan masala without tobacco

Unicorn Industries Vs PCIT (Calcutta High Court) The recent judgment by the Calcutta High Court in Unicorn Industries Vs PCIT has significant implications for businesses involved in manufacturing pan masala without tobacco under Section 80-IC of the Income Tax Act, 1961. Unicorn Industries, established in a notified industrial area, commenced manufacturing pan masala without tobacco in compliance with Section 80-IC(2)(a) of the Income Tax Act, 1961. The dispute arose when the Assessing Officer rejected their deduction claim, citing the non-inclusion of pan masala in Schedule 14 of the Act. The...