https://www.taxtmi.com/caselaws?id=399019 The High Court ruled in favor of the assessee, affirming eligibility for deduction under Section 80IB(10) of the Income Tax Act. The court held that unaccounted money found during search proceedings constituted business income, allowing for the deduction. Transactions entered into before the introduction of certain clauses were also deemed eligible for deduction. The court interpreted clauses (e) and (f) as prospective, applying to transactions made after a specific date. Additionally, income discovered during search proceedings was correctly treated as business income. The appeal was dismissed, supporting the assessee's position on all legal issues. en-us Tue, 22 Sep 2020 00:00:00 +0530 Wed, 30 Sep 2020 13:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399019 The High Court ruled in favor of the assessee, affirming eligibility for deduction under Section 80IB(10) of the Income Tax Act. The court held that unaccounted money found during search proceedings constituted business income, allowing for the deduction. Transactions entered into before the introduction of certain clauses were also deemed eligible for deduction. The court interpreted clauses (e) and (f) as prospective, applying to transactions made after a specific date. Additionally, income discovered during search proceedings was correctly treated as business income. The appeal was dismissed, supporting the assessee's position on all legal issues. Case-Laws Income Tax Tue, 22 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399019