1998 (11) TMI 38 - HC - Income Tax

Summary

The High Court of Madras ruled that for deduction under section 80J, the net amount of profits from a new industrial undertaking should be considered, not the gross amount. The court favored the Revenue over the assessee based on the Supreme Court's decision in Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120.