The division bench of the Calcutta High Court has held that the statute promoting growth and development should be considered liberally and upholds deduction u/s 80IC. The assessee, M/s. ITC Limited, in its return, claimed deduction under Section 80IC of the I.T. Act, 1961, amounting to Rs.72,21,948/-. The Assessing Officer disallowed the deduction against which…
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