Section 80-I

Section 80-I

Gujarat H.C : the Appellate Tribunal has erred in law and on facts by not upholding the issuance of notice under section 148 as per the provisions available as per Explanation 2(c)(iii) and 2(c)(iv) given below section 147 of the Income-tax Act, by the Assessing Officer and thereby allowing deduction claimed by the assessee under section 80-IB of the Income-tax Act without appreciating the fact that deduction under section 80-IB is eligible for the SSI unit only where the investment in fixed assets on plant and machinery does not exceed Rs. 3 crores whereas the total value of the plant and machinery as per the balance-sheet for all the three assessment years under consideration was above 3 crores

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High Court Of Gujarat Pr.CIT vs. Lincoln Pharmaceuticals Ltd. Section 80-I Assessment year 2003-2004 M.R. Shah And S.H. Vora, JJ.

Section 80-I

Madras H.C : The losses incurred by the industrial undertaking claiming deduction under section 80-I, which has been already set off against the profits of the industrial undertaking, should be notionally carried forward and set off against the profit generated by the industrial undertaking during the relevant assessment year for determining the deduction under section 80-I

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High Court Of Madras Carborundum Universal Ltd. vs. JCIT Section 80-I Assessment year 1992-93 R. Sudhakar And R. Karuppiah, JJ.

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