https://www.taxtmi.com/caselaws?id=280204 An eligible industrial unit may claim deduction under section 80IC on enhanced profits arising from disallowance of inflated purchases and section 40(a)(ia) adjustments, because such additions only increase the profits of the eligible undertaking and do not defeat the Chapter VI-A deduction. The objection under section 80A(5) was rejected since the deduction had been substantively claimed in the return and is available on profits as determined by law. Circular No. 37/2016 was relied on to support deduction on enhanced eligible profits, and the first appellate authority's deletion of the additions was upheld. en-us Mon, 10 Sep 2018 00:00:00 +0530 Thu, 25 Apr 2019 06:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280204 An eligible industrial unit may claim deduction under section 80IC on enhanced profits arising from disallowance of inflated purchases and section 40(a)(ia) adjustments, because such additions only increase the profits of the eligible undertaking and do not defeat the Chapter VI-A deduction. The objection under section 80A(5) was rejected since the deduction had been substantively claimed in the return and is available on profits as determined by law. Circular No. 37/2016 was relied on to support deduction on enhanced eligible profits, and the first appellate authority's deletion of the additions was upheld. Case-Laws Income Tax Mon, 10 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280204