Section 80-IC deduction eligible on Additions for interest & bad debts

Pr. CIT Vs Pacific India (Punjab & Haryana High Court) Disallowances challenged in the additional grounds pertaining to interest and bad debts resulted in increasing the business profits of the assessee. Since the assessee was held entitled to claim deduction under Section 80-IC of its profits at the rate of 100%, therefore, the additions so made were entitled to deduction under Section 80IC of the Act as accepted by the Department also vide the Circular dated 2.11.2016 resulting in no addition to the taxable income of the assessee. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. This orde...