80IB DEduction

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SHALINI JAIN (Querist)
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19 November 2008 In case of claimimg deduction under section 80IB, profits that is to be considered is as per the profit and loss account or after making adjustments of dep as per Co's Act and IT act and other allowances and disallowances of expenses as per IT act.
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Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 Adjusted profit should only be considered.

Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 Ritesh Ind Ltd 274 ITR 324 (del.)

DBK, if any, shall not be treated as income derived from an industrial undertaking so as to entitle the assessee a deduction u/s 80IA / IB.

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Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 Pandian chemicals ltd 262 ITR 278 (SC)

Interest on EB deposits is not business income and not entitled to tax deduction u/s 80IB.