Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

July 2025

Glimpses of Supreme Court Rulings

By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
Reading Time 12 mins

4 Shital Fibers Limited vs. Commissioner of Income Tax

[2025] 174 Taxmann.com 807 - SC

Industrial Undertaking – Special Deduction - Sub-section (9) of Section 80-IA, does not provide that when a deduction is allowed under Section 80-IA, while considering the claim for deduction under any of the provision under heading 'C', the deduction allowed under Section 80-IA should be deducted from the gross total income - The restriction under Sub-section (9) of Section 80-IA is not on computing the total gross income.

A group of appeals / petitions had been referred to a Bench of three Judges in view of the Order dated 10th December, 2015 in Assistant Commissioner of Income Tax, Bangalore vs. Micro Labs Limited (2015) 17 SCC 96 [(2015) 64 Taxmann.com 199-SC] which recorded the difference of opinion between two Hon'ble Judges of the Supreme Court.

For the sake of convenience, the Supreme Court referred to the facts of the case in Civil Appeal No. 14318 of 2015.

The Appellant was a company which filed a return declaring net taxable income at ₹46,99,293 for the Assessment Year 2002-03. The Appellant claimed deductions under Section 80-HHC and 80-IA of the Income Tax Act, 1961 (for short 'the IT Act'). The return was accepted on 31s

Read More
Download PDF

You May Also Like

From The President

ICAI and Its Members