LatestIncome Tax 2 July 2026
Court Quashes Income Tax Notice
The Bombay High Court has quashed a notice issued under Section 148 of the Income Tax Act, alleging that a deduction claimed under Section 80-IA was wrongly made, as the foreign parent company did not bar the deduction, the court ruled that the deduction was valid and the notice was not justified, this ruling provides relief to taxpayers who have claimed similar deductions
The Bombay High Court has made a significant ruling regarding income tax deductions.
The court quashed a notice issued under Section 148, alleging that a deduction claimed under Section 80-IA was wrongly made.
- The deduction had been claimed by a company with a foreign parent company.
- The court ruled that the foreign parent company did not bar the deduction, and therefore the notice was not justified.
This ruling provides relief to taxpayers who have claimed similar deductions and were issued notices under Section 148.
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