https://www.taxtmi.com/caselaws?id=205104 The High Court dismissed the appeals regarding the computation of book profits under Sections 115JA/115JB and deduction under Section 80HHC. Relying on the Supreme Court's interpretation in a prior case, the Court emphasized the distinction between eligibility and deductibility of profits. It held that Section 80HHC pertains to the extent of deduction, not eligibility, while Section 115JB is a self-contained provision for taxing deemed income. The Court's decision underscored the importance of understanding this distinction for applying the relevant provisions correctly. Consequently, the appeals were dismissed without costs. en-us Tue, 08 Feb 2011 00:00:00 +0530 Tue, 31 Jan 2012 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205104 The High Court dismissed the appeals regarding the computation of book profits under Sections 115JA/115JB and deduction under Section 80HHC. Relying on the Supreme Court's interpretation in a prior case, the Court emphasized the distinction between eligibility and deductibility of profits. It held that Section 80HHC pertains to the extent of deduction, not eligibility, while Section 115JB is a self-contained provision for taxing deemed income. The Court's decision underscored the importance of understanding this distinction for applying the relevant provisions correctly. Consequently, the appeals were dismissed without costs. Case-Laws Income Tax Tue, 08 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205104