Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 708 - HC - Income TaxEntitlement for claim of deduction u/s 80HH and 80I – Claim can be made independent of set off and carry forward provision or not – Whether the deductions under the respective provisions must be made from the respective incomes of the concerned sources or the aggregate of both - Held that:- The intention of Section 80AB is to maintain the distinction between the respective sources of income, referable to the sections contained in heading C of Chapter VI-A - The intention appears to be to discourage or to prevent an assessee from avoiding tax by posting the profits earned in one industry, against the losses incurred in the other - the hard work put by an entrepreneur resulting in profits in an industry cannot be wiped away if he suffered losses in another industry of the same category – following the decision in M/s Synco Industries Ltd Versus Assessing Officer [2008 (3) TMI 13 - Supreme court] - It is often encountered in High Courts that two or more mutually irreconcilable decisions of the Supreme Court are cited - the inviolable recourse is to apply the earliest view as the succeeding ones would fall in the category of per incuriam – the order of the Tribunal is upheld – Decided against revenue.
|