Supreme Court of India
Principal Commissioner of Income Tax-iii, Bangalore and Another v. M/s Wipro Limited
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
We hold that for claiming the benefit under Section 10B (8) of the IT Act, the twin conditions of furnishing a declaration before the assessing officer and that too before the due date of filing the original return of income under section 139(1) are to be satisfied and both are mandatorily to be complied with.
Judgment, page 18
From the headnote
Income Tax Act, 1961 – Ss. 10B, 10B (5), 10B (8), 72, 32 (1) (ii-a), 80, 139 (1), 139 (5) – Return of income u/S 139 (1) – Revised return –Denial of claim of carrying forward of losses –Respondent assessee filed return of income, declaring loss and claiming exemption u/S. 10 of IT Act along with a note that no loss is being carried forward – Subsequently, assessee filed a declaration before Assessing Officer (AO) stating that it does not want to avail the benefit u/10 as per S. 10 (8) and thereafter filed a revised return of income wherein exemption u/10 was not claimed and claim for carry…
Authorities it was built on
- 2018 Commissioner of Customs (import), Mumbai v. M/s. Dilip Kumar and Company & Ors.
- 2008 Shivanand Gaurishankar Baswanti v. Laxmi Vishnu Textile Mills & Ors.
- 2014 Commissioner of Income Tax - Ill v. M/s.calcutta Knitwears, Ludhiana
- 2016 C.I.T. & Anr v. Mis Yokogawa India Ltd
- 1999 S. Hanumantha Rao v. S. Ramani
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