THE ASST. COMMISSIONER OF INCOME TAX BANGALORE vs M/S. MICRO LABS LTD.

The Supreme Court addressed appeals concerning the interpretation of Sections 80-IA and 80-IB of the Income Tax Act, 1961, focusing on the eligibility for deductions. The Court held that the deductions under these sections are applicable only if the conditions specified in the Act are met, emphasizing the need for strict compliance with statutory requirements. The appeals were allowed, reversing the High Court's decision that had favored the Assessee, thereby upholding the Revenue's stance on the matter.