Court :
Supreme Court
Brief :
THIS is a rare case where the assessee
lost consistently at all stages from AO, through, Commissioner
(Appeals), ITAT, High Court and now the Supreme Court.
For the assessment year 1992-93, the assessee appellant had claimed
deduction under Section 80-HHC of the Income Tax Act. The assessing
officer disallowed the claim on the ground that the 'profits of the
business' computed under Section 80-HHC indicated a negative figure.
An appeal was preferred before Commissioner of Income-Tax (Appeals),
who also was of the same view and dismissed the appeal. The assessee
failed before the ITAT also and the following questions were
referred to the High Court.
Citation :
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