Section 80IB Deduction allowed on Sale of Scrap Generated during Manufacturing

ACIT Vs Wyeth Ltd. (ITAT Mumbai) ITAT held that deduction under Section 80IB of Income Tax Act, 1961 allowable on scrap  generated during the manufacturing process. Ground no.3 is with respect to the disallowance of deduction under section 80IB of the Act amounting to ₹8,075/-. The assessee has claimed deduction under Section 80IB of the Act on account of profit of Goa Plant amounting to ₹27,16,35,136/-. The learned Assessing Officer noted that ₹8,075/- being sale of scrap is also included therein. Therefore, on sale of scrap deduction under section 80IB of the Act cannot be allowed. Th...