Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Disallowance u/s 80IB - additional income earned by means of ‘on-money’ - The ITAT found that the project "Rushikesh" fulfilled all conditions for the deduction under section 80IB for the relevant AYs. The Tribunal noted that the additional income disclosed during the search was based on actual profit and loss accounts and should be considered for deduction under section 80IB. The Tribunal upheld the CIT(A)'s decision to delete the addition.
Disallowance u/s 80IB - additional income earned by means of ‘on-money’ - The ITAT found that the project "Rushikesh" fulfilled all conditions for the deduction under section 80IB for the relevant AYs. The Tribunal noted that the additional income disclosed during the search was based on actual profit and loss accounts and should be considered for deduction under section 80IB. The Tribunal upheld the CIT(A)'s decision to delete the addition.
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