2002 (6) TMI 3 - HC - Income Tax

Deductions under sections 80HH and 80-I accounts - Whether, having regard to the provisions of sections 80HH(5) and 80-I(7), the Appellate Tribunal is justified in upholding that the assessee s company ought to have submitted audited account in support of its claims for deduction under sections 80HH and 80-I in respect of its new industrial undertaking from its gross total income - Held that law does not require that a separate account to be maintained for claiming deduction under sections 80HH and 80-I of the Income-tax Act, 1961. The proviso to sub-section (1) shall not help the Revenue in the case as the petitioner-appellant herein is a company question answered in favour of the petitioner/appellant.

Summary

The High Court of Gauhati ruled that separate accounts are not required for claiming deductions under sections 80HH and 80-I of the Income-tax Act, 1961. The court found in favor of the petitioner/appellant on both questions raised in the case.