Madras HC Remands Matter on Sequential Deduction Under Sections 80IB & 80HHC Following SC Ruling

Tata International Limited Vs ACIT (Madras High Court) In the case of Tata International Limited Vs ACIT, the Madras High Court examined the method of computing deductions under Sections 80IB and 80HHC of the Income Tax Act for Assessment Year 2003-04. The assessee, a private limited company engaged in the manufacture and export of leather goods including shoe uppers and full shoes, filed its return declaring income of Rs.16,53,065/-. It claimed deductions of Rs.72,77,912 under Section 80HHC and Rs.58,27,020 under Section 80IB. The Assessing Officer completed the assessment under Section 143(3...