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Exemption and survey

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30 November 2014 a company/firm avail benefit of exemtion u/s 80IC of income tax. this firm/company is investigated u/s 133 or 132 and said entity surrenders some unaccounted income. then whether assessee can avail benefit of 80 IC on such income.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
01 December 2014 No Assessee can't claim exemption under section 80-IC in case of unaccounted money found during the course of Search and seizure or in case of survey as decided by Honorable Punjab and Hariyana High Court in case of Home Tex V. CIT (2012)

The Hon’ble High Court observed that the assessee had failed to show that the amount, which was invested in the excess stock and was surrendered at the time of survey was derived from industrial undertaking.
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