https://www.taxtmi.com/caselaws?id=171107 The Court upheld the Tribunal's decision regarding the assessment year 2005-06 under the IT Act, 1961. The Tribunal's order to disallow deduction under s. 80-IB for income surrendered due to excess stock was affirmed. The Court emphasized the need for a direct link between the surrendered income and the industrial undertaking to claim deductions under s. 80-IB, citing the Liberty India case. The appeal was dismissed as no substantial legal question was identified, clarifying the interpretation of s. 145 for undisclosed income and the eligibility criteria for deductions under s. 80-IB. en-us Tue, 24 May 2011 00:00:00 +0530 Fri, 21 Apr 2023 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171107 The Court upheld the Tribunal's decision regarding the assessment year 2005-06 under the IT Act, 1961. The Tribunal's order to disallow deduction under s. 80-IB for income surrendered due to excess stock was affirmed. The Court emphasized the need for a direct link between the surrendered income and the industrial undertaking to claim deductions under s. 80-IB, citing the Liberty India case. The appeal was dismissed as no substantial legal question was identified, clarifying the interpretation of s. 145 for undisclosed income and the eligibility criteria for deductions under s. 80-IB. Case-Laws Income Tax Tue, 24 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171107