Deduction under section 80HHB reduced progressively and eliminated for subsequent assessment years, with related subsection amendments. The amendment replaces the prior uniform fifty per cent. deduction with year-specific reduced percentages of profits and gains for successive assessment years and provides that no deduction shall be allowed from the terminal assessment year onward. It also amends sub-section (3) by substituting fixed-percentage references with language referring to such percentage of profits and gains as is specified in sub-section (1) in relation to the relevant assessment year, thereby aligning the cross-references with the phased reduction regime.
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Provisions expressly mentioned in the judgment/order text.
Deduction under section 80HHB reduced progressively and eliminated for subsequent assessment years, with related subsection amendments.
The amendment replaces the prior uniform fifty per cent. deduction with year-specific reduced percentages of profits and gains for successive assessment years and provides that no deduction shall be allowed from the terminal assessment year onward. It also amends sub-section (3) by substituting fixed-percentage references with language referring to such percentage of profits and gains as is specified in sub-section (1) in relation to the relevant assessment year, thereby aligning the cross-references with the phased reduction regime.
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