UNION OF INDIA vs PALIWAL OVERSEAS PVT. LTD.

The Supreme Court held that Section 80 HHC of the Income Tax Act, 1961, as amended in 2005, is prospective in operation. The Court reaffirmed its previous ruling regarding the applicability of the section to turnover categories below and above 10 crores, referencing its earlier decision in C.I.T. -5 & ANR. vs. M/S. Avani Exports & ANR. The appeals were disposed of in accordance with the established legal principles.