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| The Tax Publishers2020 TaxPub(DT) 0675 (Karn-HC) : (2020) 273 TAXMAN 0434 INCOME TAX ACT, 1961
Section 80HHC
Issue was answered in favour of assessee subject to the outcome of the special leave petition pending before the Supreme Court in case of Micro Labs Ltd. v. Asstt. CIT [ITA 471 of 2008, dt. 11-7-2011]. Needless to state that depending on the view taken by the Supreme Court, the revenue shall be at liberty to take an action against the appellant, if so advised in accordance with law.
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Deduction under section 80HHC - Eligibility to claim deduction under section 80HHC - Computation -
The question arose before the court as to whether Tribunal was right in holding that computation of deduction under section 80HHC had to be done by reducing the deduction under section 80-IB for the purpose of ascertaining eligible profit. Held: Issue was answered in favour of assessee subject to the outcome of the special leave petition pending before Supreme Court in assessee's own case. Needless to state that depending on the view taken by Supreme Court, revenue shall be at liberty to take an action against the appellant, if so advised in accordance with law.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 35
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