TMI Blog1995 (11) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... Jaipur Bench, Jaipur, for the assessment year 1975-76, at the instance of the Revenue, has referred, the following question of law for the opinion of the High Court under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the Commissioner of Income-tax (Appeals) direction that the amount of 20 per c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls [19961 218 ITR 71 decided on November 13, 1995) and the Division Bench of this court answered the question as follows : " If we read section 80HH with section 80AB of the Act then it is very much clear that for the purpose of determination of the relief under section 80HH of the Act, the gross total income of the assessee has to be worked out after deducting unabsorbed losses and unabsorbed d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal was not right in agreeing with the Income-tax Officer in allowing deduction under section 80HH with reference to profit as per profit and loss account of the assessee. The income eligible for deduction under section 80HH will be the net income as computed in accordance with the provisions of the Act and not the gross income. Consequently, the reference is answered in favour of the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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