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Supreme Court Allows Deductions Under Sections 80-IA and 80-HHC of Income Tax Act Without Restriction Under Section 80-IA(9) — Holds That Each Deduction Is Computed on Eligible Profits Separately and Cumulative Deduction Is Permissible Up to Gross Total Income.

The case involved a group of appeals concerning the interpretation of Section 80-IA(9) of the Income Tax Act, 1961, specifically whether an assessee w...

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Supreme Court Dismisses Revenue's Appeal in Income Tax Deduction Case Under Section 80-IA. Deduction Under Section 80-IA of Income Tax Act, 1961 is Allowed Against Gross Total Income, Not Restricted to Business Income Only, Based on Interpretation of Sections 80AB and 80-IA(5).

The dispute arose from the assessment year 2002-03 involving the Commissioner of Income Tax as appellant and M/s. Reliance Energy Ltd. as respondent. ...

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Supreme Court Dismisses Assessee in Income Tax Appeal Over TDS Disallowance. Disallowance of Rs. 57,11,625 upheld under Section 40(a)(ia) of Income Tax Act, 1961 as assessee failed to deduct tax at source on payments exceeding Rs. 20,000 per goods receipt to truck operators under Section 194C.

The dispute arose from an income tax assessment for the year 2005-2006 involving Shree Choudhary Transport Company, a partnership firm engaged in tran...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Deduction Case Under Section 43B Explanation 3C. Interest Converted into Debentures Not Deemed Actually Paid as Per Retrospective Amendment, Disallowing Deduction Under Income Tax Act, 1961.

The dispute arose from an appeal by M.M. Aqua Technologies Ltd. against the Commissioner of Income Tax, Delhi-III, concerning the interpretation of Se...