Case Law Details
Case Name : ACIT Vs. Nestor Pharmaceuticals Limited (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
Recently, the Delhi High Court in the case of ACIT Vs. Nestor Pharmaceuticals Limited [2010-TIOL-124-HC-DEL-IT] on the issue of whether the year in which trial production starts can be considered as initial Assessment Year (AY) for claiming benefit under section 80-IA of the Income Tax Act, 1961 (the Act) after relying on various judicial precedents held that the initial year is the year in which the commercial production starts and not trial production.
Facts and background of the case
As per Section 80-IA of the Act, profits and gains derived by an eligible industrial undertaking will be en...
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What about suggestion/ ruling to be in case of IT Exemption scheme period is going to expire i.e 31.3.2004 , in such cases production has to start before 31.3.2004 and production was started in systematic manner before 31.3.2004 will be eligible for deduction u/s 80 IB