Tax alert: Benefit of concessional tax rate available if taxpayer proves commencement of manufacturing activities in subsequent AY has been saved
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Tax alert: Benefit of concessional tax rate available if taxpayer proves commencement of manufacturing activities in subsequent AY
27 November 2024
The Hyderabad Bench of the Income-tax Appellate Tribunal has held that if the taxpayer is able to prove that manufacturing activities have commenced before 31 March 2024, that would be sufficient compliance of the Income-tax Act, 1961. The subsequent commencement of the activity (albeit prior to 31 March 2024) after filing the return of income and Form 10-ID, is to be factored in and taken into account by the Revenue.
