In Brief
Yes Bank Ltd claimed a tax deduction under Section 35-D of the Income Tax Act on the ground that it was an industrial undertaking. The Income Tax Commissioner rejected the claim, but the Income Tax Appellate Tribunal allowed the assessee's appeal. The Revenue then appealed to the High Court, which dismissed it without framing substantial questions of law or deciding the core issue. The Supreme Court set aside the High Court's order and remanded the case, holding that Section 260-A appeals must be properly adjudicated with substantive questions of law framed and decided, rather than dismissed without addressing the merits."
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