ITAT Mumbai Allows 80IC Depreciation; Bogus Purchases Addition Restricted to 12%

DCIT Vs Time Technoplast Ltd (ITAT Mumbai) Section 80IC Deduction Depreciation Allowed on Consistency; Bogus Purchase Addition Restricted to 12% – ITAT Mumbai The ITAT Mumbai dismissed the Revenue’s appeals for AYs 2016-17 & 2018-19 in the case of Time Technoplast Ltd., holding that all issues stood squarely covered in assessee’s own case by earlier ITAT orders. On deduction u/s 80IC, the Tribunal noted that identical disallowances made on the allegation of inter-unit transfer of pre-used plant & machinery (exceeding 20%) had already been deleted consistently from AY 2008-09 onwa...