S. 80HHC vs. 115JB Ajanta Pharma Reversed By Supreme Court

In CIT vs. Ajanta Pharma 318 ITR 252 the Bombay High Court held (reversing the Special Bench judgement in DCIT vs. Syncome Formulations 292 ITR (AT) 144)) that the “sunset clause” of s. 80HHC (1B) applies to s. 115JB as well.

This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that MAT companies are not subject to the limitations of s. 80HHC (1B).