Deduction u/s 80IB  of IT Act  shall not be Allowable in Respect of Increase in Business Income due to Addition on Account of Concealed Production: ITAT [Read Order]

IT Act shall not be allowable in respect of increase - Business Income -addition on account of Concealed Production - ITAT - TAXSCAN

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 80IB of Income Tax Act, 1961 should not be allowable in respect of increase in  business income due to addition on account of concealed production. The Assessee Medley Pharmaceuticals Ltd is a company engaged in the business of manufacturing…

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