https://www.taxtmi.com/caselaws?id=77148 The court dismissed the writ petitions challenging notices under section 154 of the Income-tax Act and the validity of section 115JB imposing tax on industrial units. It held that legislative exercise cannot be nullified by promissory estoppel, emphasizing the Legislature's authority to curtail benefits previously granted. The judgment affirmed the constitutionality of section 115JB, allowing the imposition of tax on industrial units despite earlier deductions under section 80-IB. The court concluded that legitimate legislative actions, even if curtailing benefits, are valid if within constitutional bounds, dismissing the petitions and vacating any interim orders. en-us Thu, 26 Mar 2009 00:00:00 +0530 Sat, 02 Feb 2013 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77148 The court dismissed the writ petitions challenging notices under section 154 of the Income-tax Act and the validity of section 115JB imposing tax on industrial units. It held that legislative exercise cannot be nullified by promissory estoppel, emphasizing the Legislature's authority to curtail benefits previously granted. The judgment affirmed the constitutionality of section 115JB, allowing the imposition of tax on industrial units despite earlier deductions under section 80-IB. The court concluded that legitimate legislative actions, even if curtailing benefits, are valid if within constitutional bounds, dismissing the petitions and vacating any interim orders. Case-Laws Income Tax Thu, 26 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77148