Section 80I deduction must be reduced by section 32AB investment deposit deduction, reaffirming the earlier view.

For computing deduction under section 80I, profits derived from the industrial undertaking were required to be reduced by the investment deposit deduction claimed under section 32AB. The Court declined to take a different view from its earlier decision in the assessee's own case for the same assessment year context, and rejected the argument that the interaction between section 80I, section 32AB, and the Investment Deposit Account Scheme required reconsideration. The issue was answered in the affirmative, with the result against the assessee and in favour of the revenue.

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Issues: Whether, for the purpose of computing deduction under section 80I, the profits derived from the industrial undertaking were required to be reduced by the investment deposit deduction claimed under section 32AB.

Analysis: The question was examined in the assessee's own case for the same assessment year context, and the Court declined to take a different view. The contention that the interaction between section 80I and section 32AB, including the Investment Deposit Account Scheme, warranted reconsideration was not accepted in light of the earlier decision.

Conclusion: The question was answered in the affirmative, against the assessee and in favour of the revenue.

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