Shareholder deduction under section 80K limited to the company's actual section 80J deduction; remedial recovery permitted. Shareholder entitlement to a deduction under section 80K is contingent on the company having actually obtained the deduction under section 80J and is limited to the extent of the deduction obtained; shareholders are not entitled when the company fails to obtain the company deduction due to inadequate profits. The Board withdraws Instruction No.227 and directs remedial reassessment or revision to withdraw improperly granted shareholder deductions from assessment year 1968 69 onwards.
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.
Shareholder deduction under section 80K limited to the company's actual section 80J deduction; remedial recovery permitted.
Shareholder entitlement to a deduction under section 80K is contingent on the company having actually obtained the deduction under section 80J and is limited to the extent of the deduction obtained; shareholders are not entitled when the company fails to obtain the company deduction due to inadequate profits. The Board withdraws Instruction No.227 and directs remedial reassessment or revision to withdraw improperly granted shareholder deductions from assessment year 1968 69 onwards.
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