https://www.taxtmi.com/caselaws?id=416057 The Kerala High Court upheld the order of the Income Tax Appellate Tribunal disallowing the Revenue's claim under Section 80HHC of the Income Tax Act. The Tribunal's decision to interfere with the disallowance on account of 80HHC deduction was deemed justified, considering the computation of book profits under Section 115JB for 80HHC benefit. The judgment extensively relied on Supreme Court precedents, particularly Ajanta Pharma Ltd. and Bhari Information Tech. Sys. P. Ltd., to interpret the legal provisions. The retrospective operation of section 234D was also analyzed, ultimately favoring the assessee in resolving the tax dispute. en-us Thu, 15 Jul 2021 00:00:00 +0530 Sat, 18 Dec 2021 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416057 The Kerala High Court upheld the order of the Income Tax Appellate Tribunal disallowing the Revenue's claim under Section 80HHC of the Income Tax Act. The Tribunal's decision to interfere with the disallowance on account of 80HHC deduction was deemed justified, considering the computation of book profits under Section 115JB for 80HHC benefit. The judgment extensively relied on Supreme Court precedents, particularly Ajanta Pharma Ltd. and Bhari Information Tech. Sys. P. Ltd., to interpret the legal provisions. The retrospective operation of section 234D was also analyzed, ultimately favoring the assessee in resolving the tax dispute. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416057