1998 (6) TMI 64 - HC - Income Tax

New Industrial Undertaking, Sale Of Import Licence, Export Hose Premium, Backward Area, Rectification Of Mistakes, Customs Drawback

Summary

The High Court of Kerala ruled that the assessee was not entitled to deductions under sections 80HH and 80J of the Income-tax Act for income from sale of import license, export house premium, and customs draw-backs. The court also found that the Appellate Tribunal did not assess the validity of the action taken by the Assessing Officer under section 154 of the Income-tax Act.