Section 80IC: Year of substantial expansion is initial assessment year within the period of 10 years

A. G. Peripherals Vs ACIT (ITAT Delhi)

On perusal of the assessment order passed by the Assessing Officer we notice that the assessee firm is engaged in the business of manufacturing battery components and the assessee had set up its unit on 2.06.2006 relevant to the assessment year 2007-08. The assessee subsequently had undertaken substantial expansion during the financial year 2011-12 and continued to claim deduction at 100% on substantial expansion undertaken by the assessee. The claim of the assessee was denied while pas

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