https://www.taxtmi.com/caselaws?id=244611 The Tribunal directed the AO to verify the correctness of the claim and allow the deduction as per law, considering the entire profit of the business without requiring a direct nexus. The Tribunal agreed with the assessee's argument regarding the difference in language between Section 80IB(3) & Section 10B(4) for deduction and restored the issue for reconsideration. The eligibility of government subsidy and interest income for exemption u/s.10B was deemed debatable and referred back to the AO. The deletion of penalty levied u/s.271(1)(c) was upheld due to the restoration of the quantum issue, dismissing the Revenue's appeal on this ground. en-us Wed, 26 Feb 2014 00:00:00 +0530 Mon, 03 Mar 2014 09:19:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244611 The Tribunal directed the AO to verify the correctness of the claim and allow the deduction as per law, considering the entire profit of the business without requiring a direct nexus. The Tribunal agreed with the assessee's argument regarding the difference in language between Section 80IB(3) & Section 10B(4) for deduction and restored the issue for reconsideration. The eligibility of government subsidy and interest income for exemption u/s.10B was deemed debatable and referred back to the AO. The deletion of penalty levied u/s.271(1)(c) was upheld due to the restoration of the quantum issue, dismissing the Revenue's appeal on this ground. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244611