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2010 (3) TMI 447 - HC - Income TaxExport- Special Deduction- The assessee is engaged in textile industry. Section 34A of the Income Tax Act, 1961, restricts the unabsorbed depreciation and unabsorbed investment allowance for limited period, in the case of certain domestic companies. Section 34A was introduced by legislature w.e.f. 1 April, 1992. The set off of unabsorbed income should be restricted to the extent of two third. Held that- the Tribunal was right in directing the Assessing Officer to recomputed the relief under section 80HHC by setting off Rs 1,47,45,098 being two third of the unabsorbed depreciation for the earlier year.
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