The Supreme Court last week ruled that a small-scale industry cannot claim income tax benefits given to it earlier if it ceases to be one.
Setting aside the judgment of the Karnataka High Court which held the opposite view, the court stated in the case of Ace Multi Axes Systems Ltd and other companies that an industry may be eligible once and given the benefit of deduction under Section 80 IB of the Income Tax Act but it cannot claim deduction for all the following years. It must fulfil all the conditions enumerated in the provision, such as the value of assets, use of power and number ...
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