2000 (2) TMI 205

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..... has erred in directing to allow the deduction under s. 80HHC before considering the deduction of s. 32A, which is contrary to the provisions of the Act." 2. Written submissions submitted by the assessee states that investment allowance and other incentives are fiscal incentives granted under the IT Act and hence such incentives are not required to be deducted while computing the deduction allowa .....

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..... which is included in gross total income. Sec. 80B(5) defines 'gross total income' means total income computed in accordance with the provisions of this Act before making any deduction under this Chapter (Ch. VI-A). The Hon'ble Supreme Court in the judgment Mettur Chemicals & Industrial Corpn. Ltd. vs. CIT (1996) 132 CTR (SC) 389 : (1996) 217 ITR 768 (SC) has held that investment allowance, etc. i .....

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