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of <h1>Income Tax Deduction Denied for Ambalal Sarabhai Shares u/s 80-CC Due to Synthetic Detergent Production.</h1> M/s Ambalal Sarabhai Enterprises Pvt. Ltd. sought clarification on the applicability of section 80-CC of the Income-tax Act, 1961, regarding deductions for investors in its equity shares issued on March 31, 1982. Section 80-CC allows deductions for equity shares purchased by specific individuals in certain Union Territories. However, the Central Board of Direct Taxes, after consulting the Ministry of Law, determined that investments in the company are not eligible for the deduction due to its involvement in manufacturing synthetic detergent, which was listed in the Eleventh Schedule at the time of issuance. Income-tax officers are instructed not to allow this deduction for the mentioned shares.
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