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2015 (10) TMI 168 - AT - Income TaxCalculation of deduction u/s 80IB - excluding "gross" or "net" CENVAT/MODVAT receipts - Held that:- We are not convinced with claim of "net receipts" on CENVAT receipts as there cannot be any expenditure. However, the Assessing Officer shall examine as to whether expenditure has been incurred for earning the income. The Assessing Officer shall after providing reasonable opportunity to the assessee to submit necessary proof and evidence regarding allocation/allowability of such expenditure against the receipts to be excluded, decide the issue in accordance with law. - Decided in favour of assessee for statistical purposes.
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