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of <h1>Supreme Court: Strict adherence to Section 10B(8) of Income Tax Act mandatory for claiming exemptions; timely filing required.</h1> The Supreme Court ruled on the interpretation of Section 10B(8) of the Income Tax Act, emphasizing that the conditions for claiming exemptions must be strictly adhered to. The case involved whether the requirement to submit a declaration before the due date was mandatory. The Court determined that both the submission of a declaration in writing and its timely filing are mandatory, rejecting the argument that the timing was merely directory. It also ruled that a revised return cannot introduce new claims if the original return did not include them. The decision underscores the necessity for strict compliance with exemption provisions in tax statutes.
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