Revenue Appeal Rejected as Section 80IB Deduction Made Additions Revenue Neutral: Gujarat HC

PCIT Vs Asian Tiles Pvt. Ltd. (Gujarat High Court) The Gujarat High Court considered a group of Revenue appeals arising from a common order of the Income Tax Appellate Tribunal (ITAT) involving assessees subjected to search and seizure operations. The Excise Department had also conducted inspections and found prima facie evidence of clandestine removal of goods to evade excise duty. The Assessing Officer relied on seized material and made additions based on estimated gross profit from clandestinely disposed goods, along with additions for unexplained investments. On appeal, the Commissioner (A...