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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Clarifies Section 80K Tax Deductions for Shareholders; Benefits Withdrawn if Company Lacks Section 80J Deduction.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) addresses the allowability of tax deductions under Section 80K of the Income Tax Act, 1961, for shareholders. It clarifies that shareholders are entitled to the deduction under Section 80K only if the company has obtained a deduction under Section 80J, and only to the extent of the actual deduction obtained by the company. The circular withdraws a previous instruction and directs officers to take remedial action to withdraw benefits wrongly given to shareholders from the assessment year 1968-69 onwards if the company did not obtain the deduction under Section 80J.
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