COMMISSIONER OF INCOME TAX UDAIPUR vs M/S CHETAK ENTERPRISES PVT. LTD.

The Supreme Court upheld the decision of the Income Tax Appellate Tribunal confirming the eligibility of M/s. Chetak Enterprises (P) Ltd. for a deduction under Section 80-IA of the Income Tax Act, 1961 for the Assessment Year 2002-2003. The Court found that the assessee fulfilled the conditions specified in sub-section (4)(i)(b) of Section 80-IA, allowing for a hundred percent deduction of profits derived from the eligible business. The High Court's ruling was affirmed, and the appeal by the Department was dismissed.