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1 - 10 of 31 (0.35 seconds)Section 80IB in The Income Tax Act, 1961 [Entire Act]
Section 14A in The Income Tax Act, 1961 [Entire Act]
Section 244A in The Income Tax Act, 1961 [Entire Act]
Section 10C in The Income Tax Act, 1961 [Entire Act]
Tirupati Lpg Industries Ltd.,, New ... vs Assessee on 10 February, 2016
43. Before us, reliance was also placed on the decision of Delhi
Bench of the Tribunal in the case of Triputi LPG Industries Limited
Vs. DCIT(supra). In this decision, the Bench has simply observed
that main dispute is on the definition of „initial assessment year‟.
The provisions of sub section (2) and sub section (3) as discussed
in detail above have been totally ignored and, therefore, this
decision, in our opinion, is per inquerim and cannot be followed.
Section 10A in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Novopan India Ltd., Hyderabad vs Collector Of Central Excise And ... on 14 September, 1994
41. Therefore, it becomes clear that liberal interpretation of an
incentive provision is possible if there is any doubt. As we have
seen above that if various sub sections of section 80IC are read
carefully it leaves no doubt that deduction was meant only for
new units or in case of old units if substantial expansion was
carried out in such old units and deduction was available only for
a period of 10 years. Therefore, there is no question of giving any
interpretation much less liberal interpretation to section 80IC
when the reading of whole section makes the provision very
clear. As observed in case of M/s Novapan India Ltd v Collector of
Central Excise and Customs (supra) the burden was on the
assessee to show under which clause he was entitled to the
deduction but assessee is simply asserting before us that there is
no restriction for deduction in case of substantial expansion of
new units. In our opinion, that is not enough because absence of
restriction does not mean that particular deduction was
allowable.