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2010 (10) TMI 890 - KERALA HIGH COURTWhether deduction under Section 35(l)(iv) read with Section 35(2) has to be allowed first and the other deductions falling under Chapter VI-A namely, Section 80HH and Section 80-I should be granted thereafter with reference to net income so obtained after first granting deduction under Section 35(1)(iv) read with Section 35(2) of the Act - assessee is entitled to get deduction under Section 80HH and 80-I before providing for deduction under Section 35(2), which was accepted by the Tribunal - Held that:- Tribunal went wrong in allowing deduction under section 80HH and Section 80-I from the gross total income before granting deduction under section 35(2) of the Act, deduction under Section 35(2) has to be first allowed in the computation of business income as a whole and thereafter deduction under Section 80HH and Section 80-I have to be granted only from the net income attributable to the eligible industrial unit, appeals allowed by reversing the orders of the Tribunal and that of the first appellate authority and direct the Assessing Officer to revise the assessment as stated above.
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