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2010 (2) TMI 486 - HC - Income TaxIndustrial Undertaking - The expression "gross total income" as defined by section 80-B(5), for the purpose of Chapter VI-A, to mean the total income computed in accordance with the provision of the Act before making any deduction under the Chapter. The expression "total income" has been defined in section 2(45) to mean the total amount of income referred to in section 5, computed in the manner laid down in the Act. In computing the total income of the assessee, there is no basis in the provisions of section 80IA to restrict the expression to total income derived from an eligible business. Held that - Tribunal had noted that the gross total income of the assessee, after setting off the losses from all other sources of income was Rs. 14,57,200 while the profit of the eligible unit was computed at Rs. 98.43 lakhs. The Tribunal has restricted the deduction to the extent of gross total income, namely Rs. 14,57,200. The decision of the Tribunal was in accordance with the provisions of act.
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