The brand new Assessee is actually towards the company out-of manufacturing of perfumes, deodorants, cosmetics affairs and toiletry services and products and you may is actually stating deduction not as much as section 80-IC
S. 69A : Unexplained moneys (Revision) – When through the scrutiny assessee got filed all the related info from funds and you will improve and you may informed me having said that advance are came back into the following year, AO immediately following due verification introduced order, invocation off inform u/s.263 by the Advertising. CIT try unjustified.
CIT invoked inform u/s. 263 on ground that AO had not checked out topic associated with progress from specific amount provided by assessee to one AIP and you may including had not checked out matter about money regarding commission so you can two persons.
Held that, when assessee got furnished all relevant information from financing and you may advances given and you can said having said that progress was came back back into second 12 months and have furnished duplicate from ledger membership, after that, assessee had together with filed most of the research and said functions from inside the relation to help you conversion process provided by eg several individuals so you can exactly who they paid down fee plus copy from transformation sign in, profit and loss account and you may verification of activities ahead of AO. CIT. Invocation out of update not as much as part 263 was unjustified. (r.w.s. 263)
S. 80-IC : Deductions owing to special arrangements – Entitlement to deduction – nice expansion from the existing equipment prior to clause (ix) of sandwich-section 8 away from part 80-IC
The newest Assessing Administrator minimal the deduction so you can 25% in place of a hundred% advertised by the Assessee on to the ground that one hundred% deduction you/s 80IC is available toward units located in Northern Indian states towards the basic five years and also for the next 5 many years 25%/35%. Read more