https://www.taxtmi.com/caselaws?id=411959 The appeal under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal regarding the deduction under Section 80HHC for Minimum Alternate Tax (MAT) assessment. Citing the Ajanta Pharma Ltd. case, the Supreme Court held that the deduction for MAT assessment should be based on profits computed under regular provisions. Additionally, the Court clarified that 100% export profits are eligible under Section 115JB, rejecting the argument to reduce profits to 80% under Section 80HHC(1B). The Tribunal's decision was upheld, favoring the assessee and resolving the legal issues raised. en-us Tue, 10 Aug 2021 00:00:00 +0530 Mon, 06 Sep 2021 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411959 The appeal under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal regarding the deduction under Section 80HHC for Minimum Alternate Tax (MAT) assessment. Citing the Ajanta Pharma Ltd. case, the Supreme Court held that the deduction for MAT assessment should be based on profits computed under regular provisions. Additionally, the Court clarified that 100% export profits are eligible under Section 115JB, rejecting the argument to reduce profits to 80% under Section 80HHC(1B). The Tribunal's decision was upheld, favoring the assessee and resolving the legal issues raised. Case-Laws Income Tax Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411959