• Himanshu Parekh

Recently, the Mumbai Tribunal, relying on a decision of Supreme Court, issued a landmark decision in the case of Reliance Industries Ltd, holding that the taxpayer is eligible to claim deduction under section 10AA with reference to its commercial profits, without deducting tax depreciation and investment allowance under the Income-tax Act (“the Act”). This decision has far reaching implications for taxpayers entitled to claim tax deduction under section 10AA of the Act. It gives rise to several
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