Central Excise Refund & Sales Tax Remission are admissible deductions u/s 80IC

Brief of the Case In the case Manoj Garg Vs. ITO the Hon’ble Kolkata ITAT held that both Central Excise Refund and Sales Tax Remission are eligible deductions u/s 80IC and that the CIT was not justified in initiating proceedings u/s 263 of the Act in the instant case on the ground that the income by way of Central Excise Refund and Sales Tax remission were not eligible for deduction u/s. 80-IC of the Act. It also held that where two views were possible and the AO had taken one view with which the CIT did not agree, the assessment order could not be treated as an order prejudicial to the inte...