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Section 80I6 Section 805

M/S XALTED INFORMATION SYSTEMS PRIVATE LIMITED ,BANGALORE vs. THE INCOME TAX OFFICER WARD-7(1)(2), BANGALORE

In the result, the appeal by the assessee is allowed

ITA 821/BANG/2019[2014-15]Status: DisposedITAT Bangalore26 Feb 2020AY 2014-15

Bench: Shri N.V. Vasudevan & Shri A.K. Garodia

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri Manjeet Singh, Addl. CIT(DR)(ITAT), Bengaluru

Section 80Section 80I

801C of the IT Act is reworked as under: i) Profit as per P&L Account : Rs. 7,34,14,261 ii) Less Income which not eligible for deduction u/s 80IC A. Other income a. Interest on FD's : 14,07,962 b. Misc. income : 6,19,55.068 c. Foreign Exchange profit: 1,95,296 d. Profit on sale fixed