Provision for withdrawal of exemption vide sub-section (8) of S.10B considered as provision for exemption by the assessee Wipro by following wrong approach. Possiblity of proper remedy by way of petition for reconsideration of the judgment of the Supreme Court may be explored by Wipro.

Provision for withdrawal of exemption vide sub-section (8) of S.10B considered as provision for exemption by the assessee Wipro by following wrong approach. Possiblity of proper remedy by way of petition for reconsideration of the judgment of the Supreme Court may be explored by Wipro. https://www.taxtmi.com/article/detailed?id=12156 Dispute concerns the procedure and effect of opting out under subsection (8) of section 10B: withdrawing exemption permits recognition, set off and carry forward of losses and, read with the General Clauses Act, the phrase "any of the relevant assessment years" allows year-by-year declarations filed before the return due date; belated declarations and revised returns filed after an original return claiming exemption may be treated as afterthoughts undermining the withdrawal claim. en-us Thu, 21 Dec 2023 09:35:36 +0530 Fri, 22 Aug 2025 19:01:17 +0530 TaxTMI RSS Generator Provision for withdrawal of exemption vide sub-section (8) of S.10B considered as provision for exemption by the assessee Wipro by following wrong approach. Possiblity of proper remedy by way of petition for reconsideration of the judgment of the Supreme Court may be explored by Wipro. https://www.taxtmi.com/article/detailed?id=12156 Dispute concerns the procedure and effect of opting out under subsection (8) of section 10B: withdrawing exemption permits recognition, set off and carry forward of losses and, read with the General Clauses Act, the phrase "any of the relevant assessment years" allows year-by-year declarations filed before the return due date; belated declarations and revised returns filed after an original return claiming exemption may be treated as afterthoughts undermining the withdrawal claim. Articles Income Tax Thu, 21 Dec 2023 09:35:36 +0530 https://www.taxtmi.com/article/detailed?id=12156