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2018 (4) TMI 1615 - AT - Income TaxClaim of deduction u/s 80IC - disallowance made by the assessing officer under the profit and gains of business or profession - disallowance has been made by assessing officer as per section 43B which is a disallowance under the head profit and gains of business or profession - Held that:- CBDT has issued a circular no. 37/2016 dated 2nd November, 2016 regarding deduction under Chapter VI A on the additions made by the authorities below under the head profit and gains of a business activity which clears that the assessee is eligible for deduction under chapter VI -A on enhanced profit made by the assessing officer u/s 43B as claimed by the assessee u/s 80IC of the IT Act, 1961. The above circular explains the situation well. In our considered opinion the case of the assessee is squarely covered by the above noted circular. In view of the above the assessee is entitled to claim deduction U/s 80IC on the enhanced profit under the head business income for the eligible unit - Decided in favour of assessee.
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