The Principal Commissioner Of Income ... vs M/S Wipro Limited

The Supreme Court upheld the decision of the Karnataka High Court, which confirmed the Income Tax Appellate Tribunal's ruling allowing Wipro Limited to carry forward its losses under Section 72 of the Income Tax Act, 1961. The court found that the assessee, being a 100% export-oriented unit, was entitled to the claimed benefits, and the Revenue's appeal was dismissed. This judgment reinforces the interpretation of provisions related to loss carry forward for export-oriented units.