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Court is not inclined to entertain the writ petition at this stage without prejudice to the rights of the aggrieved parties to approach the appropriate forum in accordance with law in the event the occasion so finally arises

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Section 40(a)(iib) of Income Tax Act,1961—Business disallowance—  A challenge to the validity of Section 40(a)(iib) of the Income Tax Act, 1961, has been raised by the assessee Corporation, contending that the amount which is deductible in computing the income chargeable in terms of the Income Tax Act is not being allowed under the garb of the aforesaid provision and for which the petitioner has invited the attention of the Court to the order passed by the Assessing Authority dated 30.12.2019.

Court was not inclined to entertain the writ petition without prejudice to the rights of the aggrieved parties to approach the appropriate forum in accordance with law in the event the occasion so finally arises. Accordingly, the Writ Petition stands dismissed. --- TAMIL NADU STATE MARKETING CORPORATION LTD. vs. UOI.[2020] 23 ITCD Online 4 (MAD