https://www.taxtmi.com/caselaws?id=343735 The Supreme Court clarified that section 10B of the Income Tax Act provides for deductions, not exemptions, allowing for the adjustment of losses against profits. The Court emphasized that the change in language from "exemption" to "deduction" altered the nature of the provision, enabling set off of losses against profits. The ruling overturned the AO's disallowance, directing the adjustment of losses of eligible units with profits of non-eligible units. The decision underscored the importance of interpreting legislative intent and specific language in tax provisions, establishing that section 10B allows for deductions, not exemptions. en-us Tue, 25 Apr 2017 00:00:00 +0530 Thu, 01 Jun 2017 07:21:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343735 The Supreme Court clarified that section 10B of the Income Tax Act provides for deductions, not exemptions, allowing for the adjustment of losses against profits. The Court emphasized that the change in language from "exemption" to "deduction" altered the nature of the provision, enabling set off of losses against profits. The ruling overturned the AO's disallowance, directing the adjustment of losses of eligible units with profits of non-eligible units. The decision underscored the importance of interpreting legislative intent and specific language in tax provisions, establishing that section 10B allows for deductions, not exemptions. Case-Laws Income Tax Tue, 25 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343735