Sec 80IB- Workers need to be employed for substantial period of time to satisfy minimum workers criteria

Brief of the case: The Hon’ble Himachal Pradesh High Court in the case of CIT vs. M/s Indus Cosmeceuticals held that the condition of employing atleast 10 workers as required to be complied with for claiming deduction u/s 80IB cannot be deemed to have complied by employing workers for a small part of year. It is because the employment should be for a substantial period of time during the financial year. Facts of the case: Assessee claimed deduction u/s 80IB (2) for Assessment 2003-04 years in respect of the business of its industrial undertaking. For claiming deduction under this secti...