Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1571 - HC - Income TaxBenefit of deduction u/s 10AA - modernization of existing unit or new undertaking - Held that:- Following the decision of Delhi High Court in the case of CIT vs. Mahaan foods Ltd.[2008 (3) TMI 24 - HIGH COURT OF DELHI] it is not the case of reconstruction of existing business but a totally new undertaking has started functioning. As all other requirements of the Section have been fulfilled, claim of deduction u/s 10AA is justified. The AO is, therefore, directed to allow deduction claimed u/s 10AA on profits and gains derived from Exports thus the issue is answered in favour of the assessee.
|