Increase in business income due to addition of concealed production not eligible for deduction u/s 80IB

Advertisement Medley Pharmaceuticals Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that deduction u/s 80IB of the Income Tax Act, in respect of increased business income due to addition on account of concealed production, is not allowable. Facts- The assessee is a company engaged in the business of manufacturing and selling of pharmaceutical products. For A.Y. 2010-11, the assessee filed the return of income declaring a taxable income at Rs.81,83,793/- after claiming deduction u/s. 80G and 80IB amounting to Rs.30,20,66,215/-. For A.Y. 2011-12, the assessee offered taxable income of Rs.24,38,48...