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2012 (12) TMI 368 - AT - Income TaxValidity of Order by CIT u/s 263 - Deduction u/s 80HHC - AO allowed deduction u/s 80HHC without setting off of carry forward loss – CIT issue order on the basis of decision in case of IPCA Laboratories (2004 (3) TMI 9 - SUPREME COURT) – Assessee contended that Hon’ble Madras High Court granted an ad-interim stay on validity of retrospective amendment to Sec. 80HHC - Held that:- As in the case of Avani Exports & Others v. CIT & Ors.(2012 (7) TMI 190 - GUJARAT HIGH COURT) holding that amendment to Sec 80HHC is prospective and could be given effect from the date of amendment and not in respect of earlier assessment years is also nothing to do with the ratio of the decision in case IPCA Laboratories (2004 (3) TMI 9 - SUPREME COURT). Therefore, CIT u/s 263 in directing the AO to allow deduction u/s 80HHC in accordance with law. Issue decides in favour of revenue
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