Deduction under section 10AA precludes claiming deduction under section 35AD for the same specified business. The amendment inserts a provision that where a deduction under section 10AA is claimed and allowed for profits of a specified business, no deduction shall ... Summary
Deduction under section 10AA precludes claiming deduction under section 35AD for the same specified business.
The amendment inserts a provision that where a deduction under section 10AA is claimed and allowed for profits of a specified business, no deduction shall be allowed under section 35AD in relation to that specified business for the same or any other assessment year, thereby preventing concurrent claims under both regimes.
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