9 Wipro Ltd.
(2022) 446 ITR 1(SC)
Exemption/ deduction u/s 10B - For claiming the benefit u/s 10B(8), the twin conditions of furnishing the declaration to the AO in writing and that the same must be furnished before the due date of filing the return of income under Sub-section (1) of Section 139 of the IT Act are required to be fulfilled and/or satisfied - Both the conditions to be satisfied are mandatory - The significance of filing a declaration u/s 10B(8) could be said to be co-terminus with the filing of a return u/s 139(1), as a check has been put in place by virtue of Section 10B(5) to verify the correctness of the claim of deduction at the time of filing the returnRevised return of income - The Assessee can file a revised return in a case where there is an omission or a wrong statement - By filing the revised return of income, the Assessee cannot be permitted to substitute the original return of income filed u/s 139(1) of the IT Act - A revised return of income, u/s 139(5) cannot be filed, to withdraw the claim and subsequently to claim the carried forward or set-off of any lossThe Assessee, a 100% export-oriented unit engaged in the business of running a call centre and IT-Enabled and Remote Processing Services, filed its return of income on 31st October, 2001 for A.Y. 2001-2002, declaring a loss of Rs. 15,47,76,990 and claimed exemption u/s 10B of the IT Act. Along with the original return filed on 31st Oc
