CIT justified in charging excess GP disclosed by Assessee claiming section 80IC deduction as Income from Other Sources

Advertisement Sheo Shakti Coke Industries Vs ACIT (ITAT Kolkata) From the perusal of above finding of the Ld. CIT(A), we find that he has lucidly dealt with all the facts pertaining to discrepancies noticed in the financials of the assessee-firm and has also referred to various charts depicting the profitability of the assessee-firm in preceding years vis-à-vis other related concerns of the same group and operating in the same field and even the same area. We find merit in the finding of Ld. CIT(A) rejecting the book results and invoking the provision of section 145(3) of the Act and this ...