Gandhinagar, Oct 13 (IANS) The Gujarat High Court Wednesday allowed the income tax authorities to move the Supreme Court over pleas challenging amendment to a provision of the Income Tax Act that deals with profits of exporters.
The issue, linked to deductions related to profits retained for export business under section 80HH(c) of the act, were dragged to the high court by Adani Exports Limited and 60 other companies.
The petitioners challenged the amendment to the provisions of said section of the act.
A bench of Chief Justice S.J. Mukhopadhaya and Justice Anant Dave was informed that since many petitions were being filed in various high courts over the same issue, the income tax authorities had sought the transfer of all the pleas to the apex court.
The bench adjourned the matter till Jan 17, 2011, and asked the parties to inform the court about the outcome in the Supreme Court.