https://www.taxtmi.com/caselaws?id=70316 Carried forward business loss had to be set off before computing deduction under section 10B of the Income-tax Act, because the deduction forms part of the statutory computation and cannot be applied on gross profits. The profits eligible for section 10B relief must first be determined in accordance with the Act, and only the net amount after giving effect to brought forward losses can qualify. Applying the deduction before set-off was treated as inconsistent with the amended scheme of sections 10A and 10B and as producing an artificial result. The assessee's claim to claim section 10B deduction on gross profits was rejected. en-us Fri, 04 Jan 2008 00:00:00 +0530 Thu, 25 Jan 2024 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70316 Carried forward business loss had to be set off before computing deduction under section 10B of the Income-tax Act, because the deduction forms part of the statutory computation and cannot be applied on gross profits. The profits eligible for section 10B relief must first be determined in accordance with the Act, and only the net amount after giving effect to brought forward losses can qualify. Applying the deduction before set-off was treated as inconsistent with the amended scheme of sections 10A and 10B and as producing an artificial result. The assessee's claim to claim section 10B deduction on gross profits was rejected. Case-Laws Income Tax Fri, 04 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70316