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2019 (3) TMI 19 - BOMBAY HIGH COURTComputing profit and gains of shipping business u/s 44BB - Different subsection of Section 44BB - Set-off of carried forward depreciation is eligible - Tribunal referred to the provisions contained in Section 44BB and held that, the computation provided therein, would override the provisions of Section 32 and in particular, sub-section 2 thereof - HELD THAT:- The legislature has ruled out applicability of sub-section (2) of Section 32 of the Act while computing the profits and gains of an eligible assessee, arising out of the business in terms of sub-section (1) of Section 44BB of the Act. Any other view would be opposed to the plain language used in this sub-section. We do not discern any indication in this sub-section to come to the conclusion that while providing exclusion of anything contrary to contained in Sections 28 to 41, the legislature intended to exclude Section 32 and, particularly, sub-section (2) thereof. The decision of this Court in case of Hindustan Petroleum Corporation Ltd. [1990 (7) TMI 44 - BOMBAY HIGH COURT] would not change this position. The deeming infection provided under sub-section (1) of Section 44BB of the Act, relates to the profits and gains of an assessee arising out of a business and is not directly connected with or corelated with the non-obstinate clause with which, the said sub-section begins, ruling out any conflict with the provisions contained in Sections 28 to 41 of the Act. - Appeal dismissed
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