Twin Conditions In Section 10B (8) Income Tax Act Has To Be Fulfilled To Claim Exemption Relief: Supreme Court
2 years, 5 months ago

Twin Conditions In Section 10B (8) Income Tax Act Has To Be Fulfilled To Claim Exemption Relief: Supreme Court

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For claiming the benefit under Section 10B of the Income Tax 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 are to be satisfied and both are mandatorily to be complied with, the Supreme Court observed in a judgment delivered yesterday. Issues The appeals raised the following issue : Whether, for claiming exemption under Section 10B of the IT Act, the assessee is required to fulfil the twin conditions, namely, furnishing a declaration to the assessing officer in writing that the provisions of Section 10B may not be made applicable to him; and the said declaration to be furnished before the due date of filing the return of income under sub-section of Section 139 of the IT Act? Perusing Section 10B, the bench comprising Justices MR Shah and BV Nagarathna observed thus: For claiming the benefit under Section 10B, the twin conditions of furnishing the declaration to the assessing officer in writing and that the same must be furnished before the due date of filing the return of income under sub-section of section 139 of the IT Act are required to be fulfilled and/or satisfied. Case details Principal Commissioner of Income Tax-III Bangalore vs Wipro Limited | 2022 LiveLaw 583 | CA 1449 OF 2022 | 11 July 2022 Coram: Justices MR Shah and BV Nagarathna Counsel: ASG Balbir Singh for appellant, Sr. Adv S. Ganesh for respondent Headnotes Income Tax Act, 1961 ; Section 10B - For claiming the benefit under Section 10B 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 are to be satisfied and both are mandatorily to be complied with Interpretation of Statutes - Taxation Laws - In a taxing statute the provisions are to be read as they are and they are to be literally construed, more particularly in a case of exemption sought by an assessee - An assessee claiming exemption has to strictly and literally comply with the exemption provisions.

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