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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.