Combined Deductions Under Sections 80-IA & 80-HHC cannot exceed Profits: SC

Shital Fibers Limited Vs CIT (Supreme Court of India) Supreme Court of India, in the case of Shital Fibers Limited Vs. CIT, has provided a definitive interpretation of the interplay between deductions claimed under Section 80-IA and Section 80-HHC of the Income Tax Act, 1961. This ruling stems from a reference to a three-judge bench due to differing opinions in earlier judgments, notably in Assistant Commissioner of Income Tax, Bangalore v. Micro Labs Limited. The court’s decision, delivered on a recent date, prioritizes the “allowability” over “computation” of deduct...