2001 (9) TMI 12

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..... 0J of the Income-tax Act, 1961? - 2. Whether, the Appellate Tribunal is right in law and on facts in holding that for working out relief under section 80HH of the Act, initial depreciation has not to be deducted from the profits of the company?" - our answer to question No. 1 is in the affirmative, i.e., in favour of the assessee and against the Revenue. - our answer to question No. 2 is in the a .....

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..... f the Act, initial depreciation has not to be deducted from the profits of the company?" We have heard Mr. M.R. Bhatt, the learned counsel for the Revenue. Though served, none appears as for the respondent assessee. At the hearing of this reference, the learned counsel for the Revenue fairly states that the controversy raised in question No. 1 is covered in favour of the assessee by the decisi .....

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..... ed for the purpose of deduction under section 80HH of the Income-tax Act, 1961. We may also add that with effect from April 1, 1989, Parliament inserted section 80AB laying down that where any deduction is required to be made or allowed under any section in Chapter VI-A under the heading "Deductions in respect of certain incomes", then, notwithstanding anything contained in that section, for the p .....

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