Unexplained Credits Taxed u/s 68: No Business Income or 80-IB Deduction Without Proof

AKR Poly Industries Vs ITO (Madras High Court) The case concerns an appeal filed by the assessee challenging the order of the Income Tax Appellate Tribunal dated 29.01.2013. The assessee, a firm engaged in manufacturing disposable plastic cups and registered as a small-scale undertaking, filed its return declaring nil income and claimed deduction of ₹9,10,600 under Section 80-IA of the Income Tax Act. During scrutiny, the Assessing Officer accepted that the assessee satisfied the conditions for claiming deduction under Section 80-IA(4). However, it was observed that the assessee had shown su...