In Brief
Yes Bank Limited sought a deduction under Section 35-D of the Income Tax Act, 1961, claiming to be an industrial undertaking. The Income Tax Department challenged this in the High Court under Section 260-A. Although the High Court heard the appeal, it dismissed it without framing substantial questions of law or deciding the core issue of whether a bank qualifies as an industrial undertaking under Section 35-D. The Supreme Court held the High Court's order unsustainable and remanded the case, directing the High Court to frame proper substantial questions of law and decide the appeal on merits according to law."
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