Case Law Analysis
|Madras High Court
Section 80 IB & 80 HHC Income Tax Act | Deductions Must Be Computed Independently, Not Sequentially : Madras HC
Madras High Court reinforces that deductions under Sections 80 IB and 80 HHC of the Income Tax Act must be computed independently, not sequentially. The ruling sets aside ITAT’s order, mandating reassessment in line with the Supreme Court’s precedent in Shital Fibers Ltd, impacting tax computation for export-oriented businesses.