M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

C.A. No.-001581-001582 - 2005Supreme Court2019 INSC 29601 March 2019Bench: HON'BLE MR. JUSTICE A.K. SIKRI22 pages
For Petitioner: BHARGAVA V. DESAIFor Respondent: B. V. BALARAM DAS
AI SummaryAllowed

What did the Supreme Court hold?

The Supreme Court held that the deduction under Section 80HH is to be calculated on 'profits and gains' before deducting depreciation and investment allowance. The Court overruled its earlier decision in Motilal Pesticides (I) Pvt. Ltd. and stated that Section 80AB, introduced later, does not apply retrospectively.

What were the facts?

The appeals concerned the interpretation of Section 80HH of the Income Tax Act, 1961, specifically whether the 20% deduction should be calculated on gross profits and gains or on net income after deducting depreciation and investment allowance. The assessment years involved were 1979-80 and 1980-81.

What were the issues?

The primary issue was whether the deduction under Section 80HH should be computed on gross profits and gains or net income. Another issue was the applicability of Section 80AB to the assessment years in question.

Which sections of the Income-tax Act were involved?

Section 80HH,Section 32,Section 32AB,Section 80A,Section 80AB

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REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURI ICTION CIVIL APPEAL NOS. 1581-1582 OF 2005 M/S. VIJAY INDUSTRIES .....APPELLANT(S) VERSUS COMMISSIONER OF INCOME TAX .....RESPONDENT(S) WITH CIVIL APPEAL NO. 2878 OF 2015 CIVIL APPEAL NO. 2877 OF 2015 CIVIL APPEAL No. 2416-2417 OF 2019 (ARISING OUT OF SLP (CIVIL) NO. 6326-6327 OF 2019) ARISING OUT OF DIARY NO. 39430 OF 2017 CIVIL APPEAL NO. 2420-2421 OF 2019 (ARISING OUT OF SLP (CIVIL) NO. 6328-6329 OF 2019) ARISING OUT OF DIARY NO. 39436 OF 2017 CIVIL APPEAL NO. 2414-2415 OF 2019 (ARISING OUT OF SLP (CIVIL) NO. 6335-6336 OF 2019) ARISING OUT OF DIARY NO. 39424 OF 2017 CIVIL APPEAL NO. 2418-2419 OF 2019 (ARISING OUT OF SLP (CIVIL) NO. 6330-6331 OF 2019) ARISING OUT OF DIARY NO. 39433 OF 2017 AND CIVIL APPEAL NO. 2422-2423 OF 2019 (ARISING OUT OF SLP (CIVIL) NO. 6333-6334 OF 2019) ARISING OUT OF DIARY NO. 39440 OF 2017 Civil Appeal Nos. 1581-1582 of 2005 a/w. Connected matters J U D G M E N T A.K. SIKRI, J.

Leave granted. Delay condoned. 2) In all these appeals issue relates to the interp

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