9911796707
TMI BlogMRF Pace Foundation Expenses Deemed Business Promotion, Tax Deductions Upheld for Rubber Manufacturing Units Under Sections 80IA and 80IBHC held that expenditure towards MRF Pace Foundation constitutes business promotion and is not a charitable donation. The revenue's power is limited to examining the genuineness of expenditure. Regarding reassessment, the court ruled differently for various assessment years: for AY 2002-03, reassessment was barred by limitation; for AY 2004-05, revenue's jurisdiction was upheld; for AY 2003-04 and 2004-05, amendments to Section 80HHC were not applicable. The court affirmed the assessee's entitlement to deductions under Sections 80IA and 80IB for rubber manufacturing units, emphasizing a seamless continuation of tax benefits across assessment years. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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