Tax Deduction Ruling: Sec. 80IB Deduction Should Not Reduce Sec. 80HHC Deduction; Tribunal to Recalculate.

The Bombay HC determined that the deduction under Sec. 80IB should not diminish the deduction under Sec. 80HHC, aligning with precedent favoring the assessee. The appeal was resolved with instructions for the Tribunal to recalculate the deduction in accordance with this interpretation.

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The Bombay High Court ruled that the deduction computed under Section 80IB should not be reduced from the deduction computed under Section 80HHC. The decision was based on a previous case in favor of the assessee. The appeal was disposed off with a direction to the Tribunal to recompute the deduction accordingly.

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