HC explains concept of initial assessment year & substantial expansion U/s. 80-IC

Stovekraft India Vs. CIT (Himachal Pradesh High Court)

The moot issue involved in these appeals, inter alia, is as to whether an “undertaking or an enterprise” (hereinafter referred to as the Unit), established after 7th January, 2003, carrying out “substantial expansion” within the specified window period, i.e. between 7.1.2003 and 1.4.2012, would be entitled to deduction on profits @ 100%, under Section 80-IC of the Income Tax Act. Also, if so, then for what period.

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