Income tax
This query is : Resolved
01 March 2013
IN PRIVATE LTD CO FOR THE YEAR ENDING 31.3.2010 NET PROFIT OF RS 31,05,069/- AS PER AUDITED A/C IS INCLUSIVE OF RS 14,00,000/- EXCESS STOCK DECLARED IN SURVEY U/S 133A DT 28.03.2010 AND SHOWN AS CLOSING STOCK AS ON 31.03.2010. FOR CLAIMING DEDUCTION U/S 80IB WHETHER NET PROFIT AS PER BOOK OF A/C 31,05069/- IS ELIGBLE OR DECLARED STOCK VALUE OF RS 14,00,000/- IS TO BE REDUCED FROM NET PROFIT & 17,05,069/- IS ELIGIBLE FOR CLAIM U/S 80IB PL CLERIFY WHICH IS CORRECT
Amol S Joglekar
(Expert)
01 March 2013
31,05,069 is eligible for 80IB. (Some Assessing Officers are taking the view that at the time of survey, the assessee has given the declaration of NET addition in stock...etc. and hence arguing on this point.)
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