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2016 (11) TMI 1371 - SCH - Income TaxDeduction u/s 80IA - Calculation of the profits from the eligible business - Deduction of losses set off against the profits from other business is to be taken into consideration as held by Tribunal - HC 2015 (4) TMI 678 - KARNATAKA HIGH COURT held once the set off is taken place in earlier year against the other income of the assessee, the Revenue cannot rework the set off amount and bring it notionally - Held that - Special leave petition (titled Assistant Commissioner of Income Tax, Tirupur vs. M/s. Velayudhaswamy Spinning Mills P.Ltd 2016 (11) TMI 373 - SUPREME COURT and connected cases filed against the judgment of the Madras High Court has been dismissed. The present case which pertains to a contrary view expressed by the Karnataka High Court will, nevertheless, require a detailed examination as the order of the Court dismissing the special leave petition does not contain any reasons therefor.Hence, we grant leave.
The Supreme Court dismissed Special Leave Petition (C) No.33475 of 2012 titled "Assistant Commissioner of Income Tax, Tirupur vs. M/s. Velayudhaswamy Spinning Mills P.Ltd." on 05.09.2016. The case involves a contrary view by the Karnataka High Court and will be further examined as the dismissal order lacked reasons. Leave was granted for detailed examination.
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