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It is running a stone crusher and it has claimed deduction u/s 80IB as well as additional depreciation on the ground that breaking of boulder into small pieces i.e. manufacturing activity. The Ld. CIT(A) has accepted this contention of the assessee and granted deduction u/s 80IB as well as additional depreciation.
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WhatsAppGet PriceGet A Quote1. Section 145 of the Income Tax Act 1961, lays down that income chargeable under the head “Profit and gains of business or profession” or “Income from other sources” shall, subject to the accounting standards notified by the Central Government in the Official Gazette, be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
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