2021 (9) TMI 1403 - SCH - Income Tax

Exemption u/s 10B - denial of exemption as Assessee Company has expanded its existing processing capacity with the new plant and machinery installed in the factory - Approval from an official amounted to approval from the Central-Government appointed Board under section 14 of the Industrial (Development and Regulation) Act 1951 and the Rules made thereunder - Disallowance u/s 14A r.w.r. 8D - whether the Assessee incurred any expenditure while earning that exempted income and whether he included that expenditure in the common indirect expenditure of its own? - HELD THAT - Issue notice. Respondent, waives service. Counter affidavit be filed within four weeks.

Summary

The Supreme Court of India issued an order in 2021 (9) TMI 1403. Justices Dr. D.Y. Chandrachud, Mr. Vikram Nath, and Ms. Hima Kohli were part of the bench. The petitioner was represented by Mr. N. Venkataraman, ASG, and others, while the respondent was represented by Mr. Yashraj Singh Deora and others. Notice was issued, and the respondent waived service. A counter affidavit is to be filed within four weeks, and the case is tagged with SLP(C) No 5940 of 2021.