In Brief
The Supreme Court remanded an income tax case to the High Court for proper adjudication on merits. The Revenue challenged the ITAT's order allowing Yes Bank's claim for deduction under Section 35-D (for industrial undertakings). The High Court dismissed the appeal without framing substantial questions of law or deciding the core issue: whether a bank qualifies as an industrial undertaking. The Supreme Court held that Section 260-A appeals must involve proper framing and answering of substantial questions of law, and set aside the High Court's order for reconsideration.
The lawyer headnote and full judgment text are available to registered users.