Held that disallowance of sales promotion expenses, freebies Enhancement of profits of eligible business is directed to recompute eligible profits and allow deduction. Profit derived from sale of scrap is eligible for deduction. Referred Central Board Of Direct Taxes Circular No. 37 Of 2016, Dated 2-11-2016. (AY.2009-10 to 2012-13, 2014-15)
IPCA Laboratories Ltd. v. Dy. CIT (2024)113 ITR 53/230 TTJ 409 (Mum)(Trib)
S. 80IC : Special category States-Eligible profits-Disallowance of sales promotion expenses-Freebies-Enhancement of profits of eligible business-Directed to recompute eligible profits and allow deduction-Profit derived from sale of scrap-Eligible for deduction-Central Board Of Direct Taxes Circular No. 37 Of 2016, Dated 2-11-2016.]
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