It actually was again furnished for the modify proceedings which absolutely nothing try discover incorrect up against people files by the Pr
New Assessee are towards the business regarding design from fragrances, deodorants, cosmetic makeup products things and you can toiletry services and products and you may try claiming deduction not as much as point 80-IC
S. 69A : Unexplained moneys (Revision) – Whenever while in the analysis assessee got submitted the related info out of financing and you can advance and you will said that being said improve is returned into next season, AO shortly after due confirmation passed buy, invocation regarding update u/s.263 because of the Publicity. CIT is unjustified.
CIT invoked revise you/s. 263 to your ground one to AO had not looked at thing related to advance away from certain quantity provided by assessee to one AIP and in addition to hadn’t checked-out issue connected with money away from payment so you can one or two individuals.
Stored you to, whenever assessee had provided all related details regarding financing and you can enhances offered and explained having said that improve is returned back into 2nd seasons and have now equipped backup away from ledger account, next, assessee got as well as recorded all of the evidence and you may told me attributes in loved ones so you’re able to sales provided with such as for example two individuals to which it paid commission together with content regarding conversion process register, profit and loss account and you will verification regarding functions just before AO. CIT. Invocation from upgrade not as much as point 263 are unjustified. (r.w.s. 263)
S. 80-IC : Write-offs compliment of unique terms – Entitlement in order to deduction – generous expansion throughout the established unit in line with clause (ix) out-of sandwich-area 8 out-of area 80-IC
The brand new Assessing Officer restricted the fresh deduction to help you twenty five% unlike a hundred% said because of the Assessee on the floor one to 100% deduction you/s 80IC can be acquired to your products situated in Northern Indian says for the earliest 5 years and also for the 2nd 5 age 25%/35%. (more…)