All expenses need to be considered in computing profits and gains of an eligible business under section 80-IA/80-1B of IT Act, 1961

RELEVANT PARAGRAPH 12. The provisions of sections 80IB/80IA are the code by themselves as they contains both substantive as well as procedural provisions. Therefore, we need to examine what these provisions prescribe to the issue of the manner of `computation of the profits and gains of the eligible business’. In this regard, the relevant sub-sections ie 80-IB(l), 80-IB(13) & 80-IA(5) of the said sections are important and they are reproduced here under for ready reference. “Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure...