CLASSIC LINEN INTERNATIONAL PVT LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

In the result, the appeal filed by assessee in iTA

Bench: Shri N.R.S. Ganesan & Shri Ramit Kochar"नधा$रण वष$ /Assessment Year: 2011-12

gains of the undertaking; and (iv) in computing the depreciation allowance under section 32, the written down value of any asset used for the purposes of the business of the undertaking shall be computed as if the assessee had claimed and been actually allowed the deduction in respect of depreciation for each of the relevant assessment year. (7) The provisions

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. R. Raghunatha, Hon'Bleआयकर अपील सं./Ita Nos.1193, 1194, 1205, 1206 & 1207/Chny/2024 (निर्धारण वर्ष / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Cognizant Technology Solutions Vs The Asst. Commissioner India Pvt. Ltd., Of Income Tax, No.5/535, Okkiam Thoraipakkam, Central Circle 1(1), Old Mahabalipuram Road, Chennai. Chennai - 600 096. (प्रत्यर्थी/Respondent) Pan: Aaacd 3312M (अपीलार्थी/Appellant) & आयकर अपील सं./Ita Nos.1262, 1263, 1264, 1265 & 1266/Chny/2024 (निर्धारण वर्ष / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) The Asst. Commissioner Of Vs Cognizant Technology Income Tax, Solutions India Pvt. Ltd., Central Circle 1(1), No.5/535, Okkiam Chennai. Thoraipakkam, Old Mahabalipuram Road, Chennai - 600 096. Pan: Aaacd 3312M (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निधारिती की ओर से/Assessee By राजस्व की ओर से /Revenue By : Shri N.V. Balaji, Advocate : Shri R. Clement Ramesh Kumar, Cit & Ms. Anitha, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 11.03.2025 घोषणा की तारीख/Date Of Pronouncement : 16.05.2025 - 2 -

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

ACIT, CHENNAI vs. M/S. TVS MOTOR COMPANY LIMITED, CHENNAI

In the result, appeal of the revenue is dismissed

Bench: S/Shri Shri Chandra Mohan Garg, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2008-09 The The Asst. Asst. Commissioner Commissioner Of Of Vs. M/S. Tvs Motor Company Ltd., M/S. Tvs Motor Company Ltd., Income Tax, Company Circle Income Tax, Company Circle- Jayalakshmi Estates, 29 (Old Jayalakshmi Estates, 29 (Old Iii(2), New Block, 4Th Floor, 121, Iii(2), New Block, 4 No.8), Haddows Road, Chennai No.8), Haddows Road, Chennai Mahatma Mahatma Gandhi Gandhi Road, Road, Nungambakkam, Chennai Nungambakkam, Chennai Pan/Gir No.Aaacs 7032 B Aaacs 7032 B (Appellant) (Appellant .. ( Respondent Respondent) Assessee By : Shri Vikram Vijayaraghavan, Vikram Vijayaraghavan, Ar Revenue By : Dr. S.Palanikumar, Cit ( Cit (Dr) Date Of Hearing : 24 /2/ 2022 2 Date Of Pronouncement : 13/4/20 /2022 O R D E R Per C.M.Garg, Jm , Jm

capital gains, would be entitled to be set off against income from any other sources under the same head. The claim to set off the loss cannot be deferred to subsequent years as held by the Hon'ble Gujarat High Court in the case of CIT v. Milling Trading Co. P. Ltd., 211ITR 690 (Gut.). Hence, the appellant has rightly

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

DCIT, CHENNAI vs. POLYHOSE INDIA (RUBBER) PVT. LTD., KANCHEEPURAM

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1),, CHENNAI

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.1193, 1194, 1205, 1206 & 1207/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs Cognizant Technology Solutions The Asst. Commissioner India Pvt. Ltd., Of Income Tax, No.5/535, Okkiam Thoraipakkam, Central Circle 1(1), Old Mahabalipuram Road, Chennai. Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.1262, 1263, 1264, 1265 & 1266/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs The Asst. Commissioner Of Cognizant Technology Income Tax, Solutions India Pvt. Ltd., Central Circle 1(1), No.5/535, Okkiam Chennai. Thoraipakkam, Old Mahabalipuram Road, Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gains, the condition,‘transfer’ of the asset has taken place. 5. The Id. CIT(A) has erred in deleting the disallowance made in the computation of ‘Book Profits’ made u/s.115JB of the Act of the amount of expenditure disallowed u/s.14A r.w.Rule 8D of the Act, amounting to Rs.2,71,85,283/- without appreciating that as clause (f) of Explanation

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1),, CHENNAI

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.1193, 1194, 1205, 1206 & 1207/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs Cognizant Technology Solutions The Asst. Commissioner India Pvt. Ltd., Of Income Tax, No.5/535, Okkiam Thoraipakkam, Central Circle 1(1), Old Mahabalipuram Road, Chennai. Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.1262, 1263, 1264, 1265 & 1266/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs The Asst. Commissioner Of Cognizant Technology Income Tax, Solutions India Pvt. Ltd., Central Circle 1(1), No.5/535, Okkiam Chennai. Thoraipakkam, Old Mahabalipuram Road, Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gains, the condition,‘transfer’ of the asset has taken place. 5. The Id. CIT(A) has erred in deleting the disallowance made in the computation of ‘Book Profits’ made u/s.115JB of the Act of the amount of expenditure disallowed u/s.14A r.w.Rule 8D of the Act, amounting to Rs.2,71,85,283/- without appreciating that as clause (f) of Explanation

ACIT, CHENNAI vs. B.V.REDDY ENTERPRISES PVT. LTD., CHENNAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.3293/Chny/2016 िनधा"रण वष"/Assessment Year: 2008-09 The Assistant Commissioner Of Vs. M/S. B.V. Reddy Enterprises Pvt. Ltd., New No. 21/Old No. 10A, 1St Floor, Income Tax, Corporate Circle 1(2), Umayal Road, Kilpauk, Chennai 600 034. Chennai 600 010. [Pan:Aaccn2252L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri D. Hema Bhupal, Jcit ""थ" की ओर से/Respondent By : Shri N. Arjunraj, Ca For Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date Of Hearing : 27.06.2022 घोषणा की तारीख /Date Of Pronouncement 29.07.2022 : आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 1, Chennai, Dated 28.09.2016 Relevant To The Assessment Year 2008-09. 2. Facts Are, In Brief, That The Assessee Filed Its Return Of Income For The Assessment Year 2008-09 On 13.09.2008 Disclosing Total Income Of ₹.1,83,53,540/- After Setting Off Of Carry Forward Loss Of ₹.9,67,40,138/-.

10A, 1st Floor, Income Tax, Corporate Circle 1(2), Umayal Road, Kilpauk, Chennai 600 034. Chennai 600 010. [PAN:AACCN2252L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant by : Shri D. Hema Bhupal, JCIT ""थ" की ओर से/Respondent by : Shri N. Arjunraj, CA for Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date of hearing : 27.06.2022 घोषणा की तारीख

M/S. ACCURATE DATA CONVERTORS P. LTD.,COIMBATORE vs. ITO, COIMBATORE

In the result, the appeal of the assessee is dismissed

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.2514/Mds/2016 "नधा+रण वष+ /Assessment Year: 2009-10

capital or revenue. In both the cases there was no Form 56-F giving misleading information for claiming wrong deduction of section 10A, Therefore, the case laws relied upon by the assessee are not applicable in the case of the assessee. In the instant case the assessment was re- opened within four years from the end of the relevant

COMSTAR AUTOMOTIVE TECHNOLOGIES (P) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

COMSTAR AUTOMOTIVE TECHNOLOGIES (P) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

COMSTAR AUTOMOTIVE TECHNOLOGIES (P) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

DCIT, CHENNAI vs. COMSTAR AUTOMOTIVE TECHNOLOGIES P LTD., CHENGALPUT

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

COMSTAR AUTOMOTIVE TECHNOLOGIES (P) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

DCIT, CHENNAI vs. COMSTAR AUTOMOTIVE TECHNOLOGIES P LTD., CHENGALPUT

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under chapter VI." In view of the above judgement of Apex Court, we are inclined to allow the ground

DCIT, CHENNAI vs. B.V.REDDY ENTERPRISES PVT LTD., CHENNAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No.1914/Chny/2019 िनधा"रण वष"/Assessment Year: 2010-11 The Deputy Commissioner Of Vs. M/S. B.V. Reddy Enterprises Pvt. Ltd., Income Tax, New No. 21/Old No. 10A, First Floor, Corporate Circle 1(2), Umayal Road, Kilpauk, Chennai 600 034. Chennai 600 010. [Pan:Aaccn2252L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri G. Johnson, Addl. Cit ""थ" की ओर से/Respondent By : Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date Of Hearing : 15.09.2022 घोषणा की तारीख /Date Of Pronouncement 04.11.2022 : आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 1, Chennai, Dated 29.03.2019 Relevant To The Assessment Year 2010-11. 2. Facts Are, In Brief, That The Assessee Filed Its Return Of Income For The Assessment Year 2010-11 On 13.10.2010 Admitting Total Income Of ₹.15,50,25,060/-. The Assessing Officer Has Completed The Assessment Under Section 143(3) Of The Income Tax Act, 1961 [“Act” In Short] Dated

10A, First Floor, Corporate Circle 1(2), Umayal Road, Kilpauk, Chennai 600 034. Chennai 600 010. [PAN:AACCN2252L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant by : Shri G. Johnson, Addl. CIT ""थ" की ओर से/Respondent by : Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date of hearing : 15.09.2022 घोषणा की तारीख /Date of Pronouncement 04.11.2022 : आदेश

M/S. ASHOK LEYLAND LIMITED,CHENNAI vs. ACIT NON CORPORATE CIRCLE 8(1)-LTU-2, , CHENNAI

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue stands dismissed

Bench: Shri Aby T. Varkey & Shri Jagadish

7) to (12) of section 80IA is brought into Section 80-IC of the Act. Section 80-IA(8) of the Act mandates that, the profits of the eligible business shall be computed on the basis that transfer of goods are recorded at the market value of goods. The relevant extracts of the provision of section