Supreme Court of India
M/s Polyflex (india) Pvt. Ltd. v. The Commissioner of Income Tax & Another
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the above and for the reasons stated above, the present appeal fails and the same deserves to be dismissed and is accordingly dismissed.
Judgment, page 9
From the headnote
Income Tax Act – s.80-IB – Deduction under – Appellant- assessee manufactured ‘polyurethane foam,’ which is used as automobile seat – The assessee filed its return of income for the assessment year 2003-04 and claimed deduction u/s. 80-IB – Assessing officer disallowed the deduction u/s. 80-IB of the Act – CIT( ) upheld the order of the assessing officer – However, ITAT set aside the assessment order as well as the order passed by the CIT( ) – High Court set aside the order passed by the ITAT and restored the order passed by the assessing officer denying the deduction/benefit claimed…
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