Is deduction u/s 80-IA of the Income Tax Act, restricted to the amount of 'business income' only?
Court :
Supreme Court of India
Brief :
By an order of assessment dated 31.01.2005, the Assessing Officer restricted the eligible deduction under Section 80-IA of the Income Tax Act, 1961 (hereinafter “the Act”) to the extent of ‘business income’ only. On 23.03.2006, the Commissioner of Income-Tax (Appeal)-I (hereinafter “the Appellate Authority”) partly allowed the Appeal filed by the Assessee and reversed the order of the Assessing Officer on the issue of the extent of deduction under Section 80-IA of the Act.
Citation :
Civil Appeal No. 1327 of 2021
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