https://www.taxtmi.com/caselaws?id=203381 The appeal was dismissed based on established interpretations of relevant provisions and legal principles. The High Court emphasized that computation under Section 80HHC should be limited to profits of the eligible category only. The Supreme Court clarified that for determining "book profits" under Section 115JB, net profits in the profit and loss account should be reduced by profits eligible for deduction under Section 80HHC. The Court rejected the argument that eligibility and deductibility of profit under Section 80HHC should be considered together, stating that relief should be computed under specified conditions. The appeal lacked merit as previous judgments had addressed the issues raised. en-us Tue, 01 Feb 2011 00:00:00 +0530 Wed, 25 May 2011 00:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203381 The appeal was dismissed based on established interpretations of relevant provisions and legal principles. The High Court emphasized that computation under Section 80HHC should be limited to profits of the eligible category only. The Supreme Court clarified that for determining "book profits" under Section 115JB, net profits in the profit and loss account should be reduced by profits eligible for deduction under Section 80HHC. The Court rejected the argument that eligibility and deductibility of profit under Section 80HHC should be considered together, stating that relief should be computed under specified conditions. The appeal lacked merit as previous judgments had addressed the issues raised. Case-Laws Income Tax Tue, 01 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203381