Case Law Details
Case Name : CIT Vs. Meghalaya Steels Ltd. (2011) 332 ITR 91 (Gauhati High Court)
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All High Courts Guwahati High Court
CIT Vs. Meghalaya Steels Ltd. (2011) 332 ITR 91 (Gauhati High Court)
The Supreme Court, in Liberty India Vs. CIT [2009] 317 ITR 218, observed that section 80-IB provides for deduction in respect of profits and gains “derived from the business” of the assessee and accordingly, the Parliament intended to cover sources of profits and gains not beyond the first degree. There should be a direct nexus between the generation of profits and gains and the source of profits and gains, the latter being directly relatable to the business of the assessee. Any other source, not falling within the first ...
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This judgement of the Gauhati HC has been recalled and is no longer good law.