Assessee's claim for tax exemption upheld despite cash purchases and lower profit rate.

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....The Income Tax Appellate Tribunal allowed the assessee's claim for exemption u/s 80IB of the Income Tax Act. The Tribunal observed that even if the Assessing Officer's findings regarding cash purchases and lower net profit rate were accepted, the assessee, being a unit eligible for deduction u/s 80IB, would be entitled to the exemption as there was no evidence of any other business activity carried out by the assessee. Consequently, any addition to the net profit would result in an increased exemption u/s 80IB. The Tribunal held that the rejection of books of accounts and the net profit addition made by the Assessing Officer were unjustified in the circumstances.....