NDLI: Principal Commissioner of Income Tax-iii, Bangalore and Another Vs. M/s Wipro Limited

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	139 (5) – Return of income u/S 139 (1) – Revised return 139 (1) Income Tax Act 80 1961 – Ss. 10B 72 10B (8) 32 (1) (ii-a) 10B (5)
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Income Tax Act, 1961 – Ss. 10B, 10B (5), 10B (8), 72, 32 (1) (ii-a), 80, 139 (1), 139 (5) – Return of income u/s. 139 (1) – Revised return – Denial of claim of carrying forward of losses – Respondent assessee filed return of income, declaring loss and claiming exemption u/s. 10B of IT Act along with a note that no loss is being carried forward – Subsequently, assessee filed a declaration before Assessing Officer (AO) stating that it does not want to avail the benefit u/s. 10B as per s. 10B(8) and thereafter filed a revised return of income wherein exemption u/s. 10B was not claimed and claim for carry forward of losses was made – AO rejected the withdrawal of exemption u/s. 10B – Respondent Assessee filed appeal before Commissioner of Income Tax (Appeals), which upheld the order passed by AO – Assessee filed appeal before ITAT, which ruled in favour of assessee, allowing the assessee’s claim for carrying forward of losses under Section 72 of the IT Act – Appellant revenue went in appeal before High Court, which dismissed the appeal – Whether, for claiming exemption under Section 10B(8) of the IT Act, the assessee is required to fulfil the twin conditions, namely, (i) furnishing a declaration to the assessing officer in writing that the provisions of Section 10B(8) may not be made applicable to him; and (ii) the said declaration to be furnished before the due date of filing the return of income under sub-section (1) of Section 139 of the IT Act – Held:For claiming the benefit under Section 10B(8), 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 (1) of section 139 of the IT Act are mandatory – A revised return of income, under Section 139(5) cannot be filed to withdraw the claim and subsequently claiming the carried forward or set-off of any loss –By filing the revised return of income, the assessee cannot be permitted to substitute the original return of income filed under section 139(1) of the IT Act – Also, if the claim is withdrawn post the date of filing of return, the accountant’s report under section 10B (5) would become falsified and would stand to be nullified. Interpretation of Statutes – Taxing Statutes/Provisions – 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 – Literal construction of interpretation to be used in taxing statutes/provisions.
Judge	Hon'ble Mr. Justice M.R. Shah
Neutral Citation	2022 INSC 687
Petitioner	Principal Commissioner Of Income Tax-iii, Bangalore And Another
Respondent	M/s Wipro Limited
SCR	[2022] 17 S.C.R. 36
Judgement Date	2022-07-11
Case Number	1449

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