Industrial deduction continuity continues for eligible undertakings, subject to original calculation and applicable year limits. A deduction from profits and gains of industrial undertakings is allowed where such profits are included in the assessee's gross total income and the assessee would be eligible under the prior industrial deduction regime; the deduction amount must be calculated as under the prior provision and is only available for the tax years for which that prior provision would have allowed it.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Industrial deduction continuity continues for eligible undertakings, subject to original calculation and applicable year limits.
A deduction from profits and gains of industrial undertakings is allowed where such profits are included in the assessee's gross total income and the assessee would be eligible under the prior industrial deduction regime; the deduction amount must be calculated as under the prior provision and is only available for the tax years for which that prior provision would have allowed it.
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