Export incentive shall not be included for computing eligible profits to compute deduction u/s. 80IC

Advertisement DCIT  Vs. Century Textiles & Industries Ltd. (ITAT Mumbai) We have observed that the AO never raised any query w.r.t. excise benefit forming part of the eligible profit derived from industrial undertaking for computing deduction u/s 80IC of the 1961 Act. We have observed that the AO excluded other incomes such as rent, surplus on sale of assets, sale of scraps , insurance claims, provisions no longer required etc amounting to Rs. 9,56,18,376/- while computing deduction u/s 80IC in original assessment framed u/s 143(3), while export benefits to the tune of Rs. 2,36,32,653...