Provisions of section 80-ic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2011 As per the provisions of section 80-IC:

Any undertaking or enterprise which has begun or begins to manufacture or produce any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule,

or

which manufactures or produces any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule and undertakes substantial expansion

during the period beginning on the 7th day of January 2003 and ending before the 1st day of April 2012 in the state of Himachal Pradesh

shall be

eligible for deduction of one hundred per cent of profits and gains derived by such undertaking or enterprise from aforesaid business for five assessment years commencing with the initial assessment year and thereafter twenty-five per cent (thirty per cent in case of a company) of the profits and gains.

What will be the initial assessment year in the case of an assessee, which has begun to manufacture any article specified in the Fourteenth Schedule during the previous year 2006-2007 and has undertaken substantial expansion during the previous year 2010-2011?

Whether such assessee will continue to enjoy deduction of 100% of profits and gains up to the assessment year 2015-2016 and thereafter 25% or 30% as the case may be for the assessment year 2016-2017 (total ceiling of 10 years as per section 80 IC (6)?

Whether the concept of substantial expansion is restricted only to units already in existence on the 7th day of January 2003?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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11 December 2011 CONCEPT OF SUBSTANTIAL EXPANSIO IS RESTRICTED TO UNITS EXISTING ON THE SPECIFIED DATE

CA MANOJ GUPTA
JODHPUR
09828510543

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