https://www.taxtmi.com/highlights?id=64587 Deduction u/s 80IC - whether the remission of Value Added Tax (VAT) extended to the respondent/assessee pursuant to a scheme formulated by the State Government can be claimed as a deduction under Section 80IC ? - This remission obviously is a business receipt because the assessee is allowed to retain the amount for the growth of the business and, therefore, the VAT remission in the hands of undertaking is very much business income. - HC en-us Tue, 12 Jul 2022 14:28:57 +0530 Tue, 12 Jul 2022 14:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64587 Deduction u/s 80IC - whether the remission of Value Added Tax (VAT) extended to the respondent/assessee pursuant to a scheme formulated by the State Government can be claimed as a deduction under Section 80IC ? - This remission obviously is a business receipt because the assessee is allowed to retain the amount for the growth of the business and, therefore, the VAT remission in the hands of undertaking is very much business income. - HC Highlights Income Tax Tue, 12 Jul 2022 14:28:57 +0530 https://www.taxtmi.com/highlights?id=64587