https://www.taxtmi.com/caselaws?id=191262 The Tribunal partially allowed the appeal in a case concerning the validity of reopening assessment under the Income Tax Act. The appellant, a chemical manufacturing firm, received discounts on raw material purchases. The Assessing Officer disallowed the deduction under section 80IB for the discount amount, treating it as other income. The CIT(A) upheld this decision, but the Tribunal disagreed, finding the discount directly impacted manufacturing, reducing costs and increasing profits eligible for the deduction. The Tribunal rejected the disallowance of the deduction under section 80IB, in favor of the appellant. en-us Thu, 09 Jun 2016 00:00:00 +0530 Tue, 28 Mar 2017 11:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191262 The Tribunal partially allowed the appeal in a case concerning the validity of reopening assessment under the Income Tax Act. The appellant, a chemical manufacturing firm, received discounts on raw material purchases. The Assessing Officer disallowed the deduction under section 80IB for the discount amount, treating it as other income. The CIT(A) upheld this decision, but the Tribunal disagreed, finding the discount directly impacted manufacturing, reducing costs and increasing profits eligible for the deduction. The Tribunal rejected the disallowance of the deduction under section 80IB, in favor of the appellant. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191262