Section 80-CC deduction denied where company's principal object was manufacture of a schedule-listed item at time of share issue. Deduction under 80-CC is not available for investors in the public issue of M/s Ambalal Sarabhai Enterprises Pvt. Ltd. on 31 March 1982 because the company's Memorandum of Association included manufacture of synthetic detergent, an item listed in the Eleventh Schedule at that time; the subsequent deletion from the schedule effective after the issue date does not affect eligibility. Income-tax Officers are to be instructed to deny such deductions for that public issue.
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.
Section 80-CC deduction denied where company's principal object was manufacture of a schedule-listed item at time of share issue.
Deduction under 80-CC is not available for investors in the public issue of M/s Ambalal Sarabhai Enterprises Pvt. Ltd. on 31 March 1982 because the company's Memorandum of Association included manufacture of synthetic detergent, an item listed in the Eleventh Schedule at that time; the subsequent deletion from the schedule effective after the issue date does not affect eligibility. Income-tax Officers are to be instructed to deny such deductions for that public issue.
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