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2009 (4) TMI 471 - AT - Income TaxIndustrial Undertaking - Commissioner of Income-tax (Appeals) held that the sum disallowed by the Assessing Officer under section 40A(3) in respect of cash payments is only a deemed income and hence not entitled to deduction under section 80-IA - in respect of section 80HHC he has held that the disallowance made in the computation of income from business should also form part of the computation of eligible deduction under section 80HHC – Held that: - The total "sale/turnover" as appearing in the trading and profit and loss account, is reduced by "expenses/deductions" as per the provisions of section 29 read with sections 30 to 43D in order to arrive at the "income" referred to in section 28 of the Act. Therefore, when the Assessing Officer invokes section 40(3) read with section 29, what he consequently computes is the "income" referred to in section 28. Orders of the Assessing Officer and the Commissioner of Income-tax (Appeals) are misconceived and cannot be sustained – Appeal allowed
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