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2016 (2) TMI 1279 - ITAT DELHIDeduction u/s 80lC - interest income - HELD THAT:- The deduction u/s. 80IC on the impugned interest income can be allowed only if it is established that it is arose on account of compulsion of business. Therefore, the issues are set aside to the file of the AO for fresh adjudication for examining the assessee’s claim of nexus of interest income with business. The AO shall provide proper opportunity to the assessee. Accordingly, the ground no. 4 & 5 are allowed for statistical purposes. Entitled to exemption u/s 80 IC - whether assessee has satisfied all the conditions specified in the section and that there is substantial expansion during the year as per requirement of the section - HELD THAT:- As decided in LPG Industries Ltd. vs. DCIT [2014 (1) TMI 1689 - ITAT DELHI] on a plain reading of the section and interpretation of the term initial Assessment Year, we conclude that the claim of the assessee is admissible. Even if a view is taken that there is some ambiguity in the language of the section, then, being an incentive provision - benefit given to the assessee. We also make it clear that the deduction cannot be extended beyond the period of 10 years from the A.Y. 2004-05. - Decided in favour of assessee.
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