Tax credit carryforward limitation extended beyond prior assessment year, affecting carryforward period for deemed income tax credits. Amendment extends the statutory cutoff for carrying forward tax credit on tax paid on deemed income of certain companies from the seventh assessment year to the tenth assessment year immediately succeeding the assessment year in which the credit becomes allowable, and applies prospectively from the relevant effective assessment year under the Income Tax enactment's carryforward and set off mechanism.
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Provisions expressly mentioned in the judgment/order text.
Tax credit carryforward limitation extended beyond prior assessment year, affecting carryforward period for deemed income tax credits.
Amendment extends the statutory cutoff for carrying forward tax credit on tax paid on deemed income of certain companies from the seventh assessment year to the tenth assessment year immediately succeeding the assessment year in which the credit becomes allowable, and applies prospectively from the relevant effective assessment year under the Income Tax enactment's carryforward and set off mechanism.
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