The Supreme Court last week transferred to the Gujarat High Court all cases pending in various other high courts, where the validity of Section 80HHC of the Income Tax Act has been challenged by various assessees. The central government wanted this transfer as there might be conflicting judgments if the cases are dealt with by different high courts. This lengthy provision deals with deduction in respect of profits retained for export business. The Supreme Court order in this batch of cases, led by Union of India vs Vijay Silk House (Bangalore) Ltd, noted that the maximum number of cases were pending in the Gujarat High Court and therefore it was proper that the high court there decided the law.
Source: Business Standard
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