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SLP dismissed against High Courts ruling that loss in year earlier to initial assessment year already absorbed against profit of other business cannot be notionally brought forward and set off against profits of eligible business as no such mandate is provided in section 80IA

SUPREME COURT OF INDIA

 

SPECIAL LEAVE TO APPEAL (C) NO. 33475 OF 2012 & OTHERS

 

Assistant Commissioner of Income-tax, Tirupur...........................................Appellant.
v.
Velayudhaswamy Spinning Mills (P.) Ltd. ...................................................Respondent

 

A.K. SIKRI AND N.V. RAMANA, JJ.

 
Date :SEPTEMBER  5, 2016 
 
Appearances

Ranjit Kumar, SG, Ms. Pinky Anand, ASG, P.S. Narasimha, ASG, D.L. Chidananda, Shekhar Vyas, Ms. Rachna Srivastava, H.R. Rao, T.C. Sharma, Ms. Saudamini Sharma, Deepak Prakash, Zoheb Hussain, Ajay Sharma, Mrs. Anil Katiyar, Tushar Mehta, ASG, Ms. Purnima Bhat Kak, Maninder Singh, ASG, Manish Pushkarna, T.M. Singh, B.V. Balaram Das, S. Ganesh, Sr. Adv., V. Balaji, Atul Sharma, C. Kannan, Ms. Sripradha K., Rakesh K. Sharma, Franklin Caesar Thomas, Chand Qureshi and M.P. Siddiqui, Advs. for the Appearing Parties.


Section 80IA of the Income Tax Act, 1961 — Deduction — SLP dismissed against High Court's ruling that loss in  year earlier to initial assessment year already absorbed against profit of other business cannot be notionally brought forward and set off against profits of eligible business as no such mandate is provided in section 80IA — Assistant Commissioner of Income Tax vs. Velayudhaswamy Spinning Mills P ltd.


ORDER


1. Delay condoned.

2. The special leave petitions are dismissed.

 

[2017] 244 TAXMAN 58 (SC)

 
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