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| The Tax Publishers2020 TaxPub(DT) 1681 (SC) : (2020) 270 TAXMAN 0003 INCOME TAX ACT, 1961
Section 261 Section 80HH Section 80-I/80-IA
Where the Department preferred SLP to appeal against the judgment of Gujarat High Court in CIT v. Nirma Ltd. (2014) 367 ITR 12 (Guj.) : 2014 TaxPub(DT) 3823 (Guj-HC), whereby it was held that net incomes not derived from industrial undertaking should be excluded from the business profit for the purpose of allowing deductions under sections 80-I, 80-IA and 80HH for netting purpose, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Deduction under section 80HH/80-IA - Computation--Exclusion of gross income or net income
Department preferred SLP to appeal against the judgment of Gujarat High Court in CIT v. Nirma Ltd. (2014) 367 ITR 12 (Guj.) : 2014 TaxPub(DT) 3823 (Guj-HC), whereby it was held that net incomes not derived from industrial undertaking should be excluded from the business profit for the purpose of allowing deductions under sections 80-IA and 80HH for netting purpose.Held: Though the entire tax effect in the present matter has been stated to be to the tune of Rs. 11.21 crores, it was admitted that in respect of question as framed at page 49, the tax effect is less than Rs.2 crores. In the circumstances,there was no reason to interfere in the matter. The special leave petition was, accordingly, dismissed. Pending application(s), if any, would stand disposed of.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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