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2004 (5) TMI 35 - HC - Income TaxDeduction under section 80HH - "Whether, Tribunal was right in law in holding that the deduction under section 80HH would be available out of income as computed under the Income-tax Act, and not out of the profits and gains of the industrial undertaking without deducting therefrom depreciation and investment allowance?" - "Whether, Tribunal was right in law in holding that for the purposes of allowing deduction under section 80HH the profits and gains of an industrial undertaking should be computed by taking into consideration unabsorbed depreciation, current depreciation and investment allowance?" – Both questions are answered in the affirmative, i.e., in favour of the Revenue and against the assessee.
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