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2014 (12) TMI 59 - HC - Income TaxComputation of deduction u/s 80-I - Service charges to be included in profits of industrial undertaking or not - Held that:- Assessee is entitled to claim deduction u/s 80-I of the Act - assessee had shared a common office with M/s. Interarch - The Tribunal has rightly and correctly recorded that the AO was bound to determine the profits of the industrial undertaking and while computing the profit, the receipts of the industrial undertaking and the expenditure incurred for carrying out the business of the industrial undertaking have to be taken into consideration - only the expenditure relating to the industrial undertaking would be deducted - The expenditure incurred by the assessee would not be included in the expenditure incurred for the business of M/s. Interarch and was reimbursed to the assessee – the order of the tribunal is upheld – Decided against revenue.
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