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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Deduction u/s 80IB r.w.s 41(1) - in the year of writing back of ...


Liabilities Written Back Qualify for Deduction u/s 80IB; Receipt Character Remains Profit for Eligible Undertaking.

November 16, 2013

Case Laws     Income Tax     AT

Deduction u/s 80IB r.w.s 41(1) - in the year of writing back of liabilities, as not payable, and credited the same amount in the profit & loss account, the character of the receipt remains to be profit to the eligible undertaking, and hence, eligible for deduction under section 80IB - AT

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