Bombay High Court Upholds Tribunal's Restriction on Section 80HHB Deduction and Denial of Deduction for Foreign Tax Paid. The court held that only amounts transferred to Foreign Project Reserve Account during the previous year qualify for deduction under Section 80HHB, and tax paid abroad is not deductible under the Income Tax Act.
20 Dec 2016The case involves an income tax reference by the Income Tax Appellate Tribunal to the Bombay High Court under Section 256(1) of the Income Tax Act, 19...
