2016 (4) TMI 1213 - SCH - Income Tax

Computation of deduction u/s 10A - Held that - HC order upheld 2015 (9) TMI 1539 - BOMBAY HIGH COURT - 10A is a provision which is in the nature of a deduction and not an exemption - the deduction under Section 10A has to be given effect to at the stage of computing the profits and gains of business - Section 80B(5) defines for the purposes of Chapter VI-A gross total income to mean the total income computed in accordance with the provisions of the Act, before making any deduction under the Chapter - Decided against revenue

Summary

The Supreme Court dismissed the special leave petition after hearing the petitioner's counsel and finding no grounds to interfere. The delay was condoned, and any related application was also disposed of.