Exemption u/s 10B - High Court has committed a grave error in ...

Supreme Court Corrects High Court on Section 10B (8): Declaration Submission and Filing Deadlines Are Mandatory for Exemption.

July 13, 2022

Case Laws Income Tax SC

Exemption u/s 10B - High Court has committed a grave error in observing and holding that the requirement of furnishing a declaration under Section 10B (8) is mandatory, but the time limit within which the declaration is to be filed is not mandatory but is directory. The same is erroneous and contrary to the unambiguous language contained in Section 10B (8) - We hold that for claiming the benefit u/s 10B (8) the twin conditions of furnishing a declaration before the assessing officer and that too before the due date of filing the original return of income under section 139(1) are to be satisfied and both are mandatorily to be complied with. - SC

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Exemption u/s 10B - High Court has committed a grave error in ...

Supreme Court Corrects High Court on Section 10B (8): Declaration Submission and Filing Deadlines Are Mandatory for Exemption.

July 13, 2022

Case Laws Income Tax SC

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