HP HC Upholds 100% Section 80-IC deduction for Substantial Expansion

J.C. International Appellant Vs DCIT (Himachal Pradesh High Court) Himachal Pradesh High Court has allowed M.D. Securities Private Limited to claim 100% deduction of profit under Section 80-IC of the Income Tax Act, 1961, for the Assessment Year 2013-14. The court’s decision overturns an Income Tax Appellate Tribunal (ITAT) order that had restricted the deduction to 25%, by relying on a Supreme Court Constitution Bench judgment that clarified the benefit for units undergoing substantial expansion. J.C. International, engaged in manufacturing fans and geysers, commenced operations on Janu...