https://www.taxtmi.com/caselaws?id=378994 The Tribunal ruled in favor of the respondent-assessee in a tax dispute, allowing the benefit under Section 80IC of the Income Tax Act on the entire eligible income. It confirmed the eligibility of the assessee for deduction under Section 80IC, emphasizing that even if certain purchases were held ineligible for deduction, the profits remained eligible for exemption. The Tribunal also clarified that Section 80A(5) did not apply as the assessee had claimed deductions for purchases. The Court dismissed the appeal, highlighting the importance of verifying the genuineness of transactions before disallowing deductions. en-us Thu, 21 Feb 2019 00:00:00 +0530 Thu, 25 Apr 2019 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378994 The Tribunal ruled in favor of the respondent-assessee in a tax dispute, allowing the benefit under Section 80IC of the Income Tax Act on the entire eligible income. It confirmed the eligibility of the assessee for deduction under Section 80IC, emphasizing that even if certain purchases were held ineligible for deduction, the profits remained eligible for exemption. The Tribunal also clarified that Section 80A(5) did not apply as the assessee had claimed deductions for purchases. The Court dismissed the appeal, highlighting the importance of verifying the genuineness of transactions before disallowing deductions. Case-Laws Income Tax Thu, 21 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378994