DEDUCTION UNDER SECTION 80IC, Income Tax

[shruti gupta]

 

COMPANY HAVE PURHCASED PLANT AND MACHINERY FROM UTTAR PRADESH FINANCE CORPORATION COMPANY UNDER 80IC COVER AREAS BUT A.O. HAS DISALLOWED AND ADDITION .

REASON FOR U/S 80IC IS AVAILABLE ONLY NEW  PURCHASES PLANT AND MACHINERY , MY COMPANY HAS PURCHASES UPFC AND TREAT AS FIRST . PLEASE SEND ANSWAR, COMPANY LIABLE 80IC OR NOT  

Posts / Replies

[Rama Krishana]

The onus is on you to prove that the same are new plant and machinery. The mere fact the it has been purchased from UPFC is not sufficient to prove that the same has not been used previously.