Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
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Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
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