Section 80(5) & 4th Proviso to S. 10B(1) are constitutionally valid: HC

1. The Petitioner challenges the validity of Section 80(5) of the Income Tax Act, 1961 (hereafter “the Act”) inserted by Finance Act, 2009 with effect from 01.04.2003 (hereafter “the 2009 amendment”) and also, the fourth proviso to S.10B (1) of the Act inserted by the Finance Act, 2006 w.e.f. 01.04.2006, (“the 2006 amendment) as arbitrary, discriminatory, unreasonable, and violative of Article 14 of the Constitution of India. 2. The brief facts of the case are that the petitioner (also hereafter “the assessee”), is an unlisted, deemed, family-owned public limited company engaged ...