S. 80IB(10) Deduction allowed on additional business income declared post search

Advertisement Brief of the Case ITAT Ahmedabad held in the case Madhav Corporation vs. ACIT that the assessee has earned additional income which amount is disclosed consequence upon the search, hence it partakes the character of business income. Such amount has direct and proximate connection with the normal business/development activities, hence as eligible for deduction u/s. 80IB (10). Once on the basis of declaration of the assessee, the income of the assessee was accepted and has been assessed, the department has only disputed the factum that the project undertaken by the assessee firm ...