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2004 (3) TMI 26 - HC - Income TaxDeduction under section 80HH and section 80-I - Tribunal holding that deductions under section 80HH and section 80-I of the Income-tax Act, 1961, are admissible before the set off of the carried forward profits and loss derived from new industrial undertaking - we hold that the Tribunal was justified in granting deductions under section 80HH from the gross total income as also independently under section 80-I of the Act. Thus, this question is answered against the Revenue and in favour of the assessee.
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