Supreme Court of India · 2022-07-11
THE PRINCIPAL COMMISSIONER OF INCOME TAX III, BANGALORE vs M/S WIPRO LIMITED
- Citation / case number
- SC 2021/12024
- Court
- Supreme Court of India
- Petitioner
- THE PRINCIPAL COMMISSIONER OF INCOME TAX III, BANGALORE
- Respondent
- M/S WIPRO LIMITED
- Author
- HON'BLE MR. JUSTICE M.R. SHAH
- Bench
- HON'BLE MRS. JUSTICE B.V. NAGARATHNA HON'BLE MR. JUSTICE M.R. SHAH
Judgment text excerpt
The Supreme Court upheld the decision of the Karnataka High Court, confirming the ITAT's ruling that allowed Wipro Limited to carry forward its losses under Section 72 of the Income Tax Act, 1961. The court found that the assessee, a 100% export-oriented unit, had validly opted out of the exemption under Section 10B, thereby enabling the carry forward of losses. The judgment emphasizes the importance of the assessee's declaration regarding the non-claim of exemption in relation to the carry forward of losses.