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1994 (11) TMI 5 - HC - Income TaxExtract: .......of the assessee has to be worked out after deducting unabsorbed losses and unabsorbed depreciation and the income eligible for deduction under section 80HH will be the net income as computed in accordance with the provisions of the Act and not the gross income. The reference is, therefore, answered in favour of the Revenue and against the assessee.
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