India: Election by export-oriented undertaking must be filed by due date of original return (Supreme Court decision)

A Supreme Court decision concerning election by export-oriented undertaking

A Supreme Court decision concerning election by export-oriented undertaking

The Supreme Court held that in order for a taxpayer to elect not to claim the benefit under section 10B of the Income-tax Act, 1961—a set of special provisions in respect of newly established 100% export-oriented undertakings—the taxpayer must file a written declaration to the assessing officer before the tax return filing due date. The court held that such requirement is mandatory and should be complied with strictly.

Accordingly, the taxpayer’s submission of its declaration not to claim the benefit under section 10B with a revised income return, after the due date for filing its original tax return, was found to be ineffective.

The case is: PCIT v. Wipro Ltd.

Read a July 2022 report [PDF 450 KB] prepared by the KPMG member firm in India


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