https://www.taxtmi.com/caselaws?id=103451 Section 80HHC export deduction was computed on current-year business profits before adjusting earlier years' unabsorbed business losses and unabsorbed depreciation. The Tribunal applied the later High Court view that the special computation under section 80HHC is governed by its own formula and is not controlled by the general restriction derived from section 80AB. Reading Chapter VI-A with the wording of section 80HHC, it held that the export deduction must first be worked out on the year's profits, and only thereafter can prior-year losses or depreciation be considered. The revenue's challenge therefore failed. en-us Mon, 17 Sep 2001 00:00:00 +0530 Wed, 22 Feb 2012 18:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103451 Section 80HHC export deduction was computed on current-year business profits before adjusting earlier years' unabsorbed business losses and unabsorbed depreciation. The Tribunal applied the later High Court view that the special computation under section 80HHC is governed by its own formula and is not controlled by the general restriction derived from section 80AB. Reading Chapter VI-A with the wording of section 80HHC, it held that the export deduction must first be worked out on the year's profits, and only thereafter can prior-year losses or depreciation be considered. The revenue's challenge therefore failed. Case-Laws Income Tax Mon, 17 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103451