https://www.taxtmi.com/caselaws?id=216563 The Supreme Court remitted a case involving a PSU's entitlement to deductions under Sections 80HH and 80I of the Income Tax Act for the assessment year 1992-93 back to the Assessing Officer. The Court clarified that while maintaining unit-wise accounts was not mandatory, the PSU could opt for consolidated accounts. The Court emphasized the importance of accurate net profit calculations for the petrochemical unit and directed the PSU to provide certified unit-wise net profit computations for assessment. The civil appeal was disposed of without costs, aiming to resolve the dispute between the Tax Department and the PSU. en-us Wed, 05 Sep 2012 00:00:00 +0530 Fri, 25 Jan 2013 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216563 The Supreme Court remitted a case involving a PSU's entitlement to deductions under Sections 80HH and 80I of the Income Tax Act for the assessment year 1992-93 back to the Assessing Officer. The Court clarified that while maintaining unit-wise accounts was not mandatory, the PSU could opt for consolidated accounts. The Court emphasized the importance of accurate net profit calculations for the petrochemical unit and directed the PSU to provide certified unit-wise net profit computations for assessment. The civil appeal was disposed of without costs, aiming to resolve the dispute between the Tax Department and the PSU. Case-Laws Income Tax Wed, 05 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216563