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2018 (2) TMI 518

Head Note:
Claiming deduction u/s. 80IB (10) - whether disallowance under Section 40(a)(ia) cannot be regarded as increase in profit of the assessee's business on which deduction u/s 80IC would be allowable? - Held that:- Tribunal had held that the disallowance was not justified. The Revenue complained that the Tribunal was not justified and failed to appreciate that this disallowance under Section 40(a)(ia) cannot be regarded as increase in profit of the assessee's business on which deduction under Section 80IC would be allowable. In the opinion of the Revenue, that amount has already been expended. We do not see how such a question arises in these Appeals. We have already held above that the substantial questions of law in these Appeals revolve around interpretation of Section 80IB( 10) of the Income Tax Act

We have already held above that the substantial questions of law in these Appeals revolve around interpretation of Section 80IB( 10). We see no justification, therefore, for the Revenue seeking assistance of an order of admission in a distinct case (M/s. Lipid Technologies (2018 (2) TMI 351 - BOMBAY HIGH COURT). Therefore, Mr. Tejveer Singh's contentions with regard to this order being applicable to the facts of the present case deserve to be rejected. The contentions are therefore rejected.

 


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