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M. R. SHAH, B. V. NAGARATHNA
Principal Commissioner of Income Tax-III, Bangalore – Appellant
Versus
Wipro Limited – Respondent
| Table of Content |
|---|
| 1. revenue challenges high court judgment. (Para 1) |
| 2. background on exemption and loss claim. (Para 2) |
| 3. revenue's arguments against exemption claim. (Para 3) |
| 4. assessee's counter-arguments. (Para 4) |
| 5. court's final interpretation of section 10b. (Para 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14) |
JUDGMENT :
1. Feeling aggrieved and dissatisfied with the impugned judgment and order dated 30.11.2020 passed by the High Court of Karnataka at Bengaluru in Income Tax Appeal No. 462/2017, by which the High Court has dismissed the said appeal preferred by the Revenue and has confirmed the judgment and order dated 25.11.2016 passed by the Income Tax Appellate Tribunal, Bangalore Bench ‘C’, Bangalore (for short, ‘ITAT’), allowing the assessee’s claim for carry forward of losses under Section 72 of the INCOME TAX ACT , 1961 (for short, ‘IT Act’), the Revenue has preferred the present appeal.
2.1 Assessing Officer passed an order dated 31.03.2004 rejecting the withdrawal of exemption under Section 10(b) of the IT Act holding that the assessee did not furnish the declaration in writing before the due date of filing of return of income, which was 31.10.2001. Thereby, the AO made
The court emphasized 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 before the due date of filing ....
Procedural delays in tax filings should not deny substantive benefits, especially when technical difficulties are acknowledged by authorities.
Substantial rights under tax provisions should not be denied because of procedural non-compliance, emphasizing the need for leniency in minor delays.
Delayed audit report filing under section 10(23C) is directory; submission before assessment completion constitutes sufficient compliance for exemption, not barred by procedural lapse despite strict ....
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