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2012 (3) TMI 517 - AT - Income TaxDisallowance of deduction u/s.80IC in pursuance of disallowance u/s.40(a)(ia) - Held that:- The assessee would be entitled to deduction u/s.80IB on the amount disallowed u/s.40(a)(ia) while working out the eligible profits of the industrial undertaking. In view of the aforesaid preposition of law and ratio laid down by the various courts, we hold that disallowance of ₹ 7,38,038/- made u/s.40(a)(ia) by the Assessing Officer will go to enhance the profit which would again be eligible for full deduction u/s.80IC as it provides for 100% deduction from the profits and gains from the eligible business.
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