Deduction u/s. 80IB and 80HHC is allowable simultaneously: ITAT Lucknow

Allahdad Tannery Vs DCIT (ITAT Lucknow) ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed. Facts- The present appeal has been preferred by the assessee. The only effective ground in this appeal is with regard to the claim of deduction u/s 80IB and also 80HHC of the Income Tax Act, 1961 simultaneously from the net profit. Conclusion- The Bombay High Court has set at rest the controversy In the case of Associated Capsules Pvt. Ltd. 332 ...