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2011 (5) TMI 899 - HIGH COURT OF PUNJAB AND HARYANADeduction u/s 80IB - Whether income from other undisclosed sources to be considered as income from the business which is eligible for deduction? - assessee submitted that the undisclosed income was on account of surrender of additional stock found during the course of survey and, therefore, the same was to be considered for calculating deduction u/s 80-IB HELD THAT:- Tribunal had specifically recorded that the assessee had failed to show that the amount which was invested in the excess stock and was surrendered at the time of survey was derived from industrial undertaking. In the absence of any such finding or nexus established by the assessee, the Tribunal had rightly declined the claim of deduction u/s 80-IB in respect of excess income surrendered during survey on account of excess stock which was not reflected in the regular books of accounts - Decision against Assessee
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