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2014 (1) TMI 1689 - AT - Income TaxExemption u/s 80 IC - interpretation of the term “initial assessment year - Held that:- 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 provisions, the ratio of the decisions of the Hon’ble Supreme Court in the case of Bajaj Tempo (1992 (4) TMI 4 - SUPREME Court ), Gwalior Rayon Silks Mfg.Co.Ltd.(1992 (4) TMI 3 - SUPREME Court ) have to be followed and benefit given to the assessee - Decided in favour of assessee
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