https://www.taxtmi.com/caselaws?id=239871 The High Court of PUNJAB & HARYANA ruled that a taxpayer could not claim a deduction under Section 80HHC of the Income Tax Act, 1961 when the business incurred a negative profit. Citing a Supreme Court precedent, the court held that deductions were only available for positive profits as per the legislative intent. Consequently, the appellant was denied the deduction as the law does not permit deductions for losses under Section 80HHC. This decision emphasizes the necessity of complying with statutory provisions and the limitations on tax benefits for businesses with negative profits. en-us Wed, 22 May 2013 00:00:00 +0530 Sat, 23 Nov 2013 14:13:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239871 The High Court of PUNJAB & HARYANA ruled that a taxpayer could not claim a deduction under Section 80HHC of the Income Tax Act, 1961 when the business incurred a negative profit. Citing a Supreme Court precedent, the court held that deductions were only available for positive profits as per the legislative intent. Consequently, the appellant was denied the deduction as the law does not permit deductions for losses under Section 80HHC. This decision emphasizes the necessity of complying with statutory provisions and the limitations on tax benefits for businesses with negative profits. Case-Laws Income Tax Wed, 22 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239871