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1 - 10 of 11 (0.22 seconds)The Code of Civil Procedure, 1908
The Income Tax Act, 1961
Section 44AB in The Income Tax Act, 1961 [Entire Act]
Sai University Act, 2018
Section 143 in The Code of Civil Procedure, 1908 [Entire Act]
Section 139 in The Income Tax Act, 1961 [Entire Act]
C.I.T,Maharashtra vs M/S G.M.Knitting Indust.(P) ... on 24 July, 2015
"11. Now so far as the reliance placed upon the decision of this
court in the case of G. M. Knitting Industries Pvt. Ltd. (supra),
relied upon by the learned counsel appearing on behalf of the
assessee is concerned, section 10B(8) is an exemption provision
which cannot be compared with claiming an additional
depreciation under section 32(1)(ii-a) of the Act. As per the
settled position of law, an assessee claiming exemption has to
strictly and literally comply with the exemption provisions.
Therefore, the said decision shall not be applicable to the facts of
the case on hand, while considering the exemption provisions.
Even otherwise, Chapter III and Chapter VIA of the Act operate
in different realms and principles of Chapter III, which deals
with "income which do not form a part of total income", cannot
be equated with mechanism provided for deductions in Chapter
VIA, which deals with "deductions to be made in computing total
income". Therefore, none of the decisions which are relied upon
on behalf of the assessee on interpretation of Chapter VIA shall
be applicable while considering the claim under section 10B(8)
of the I. T. Act."