https://www.taxtmi.com/caselaws?id=208565 For deduction under sections 80IA/80IB, profits must be computed after giving effect to all allowable deductions under the Act, including depreciation, whether or not it was actually claimed in earlier years; the Tribunal upheld the revenue's notional depreciation approach. Amounts written back on cessation of liabilities may retain business nexus where the related expenditure was earlier allowed, but the matter was remanded for verification of that factual position under section 41(1). Insurance receipts were held not to be profits derived from the industrial undertaking because the immediate source was the insurer, so deduction was denied on that item. en-us Fri, 15 Oct 2010 00:00:00 +0530 Fri, 20 Jan 2012 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208565 For deduction under sections 80IA/80IB, profits must be computed after giving effect to all allowable deductions under the Act, including depreciation, whether or not it was actually claimed in earlier years; the Tribunal upheld the revenue's notional depreciation approach. Amounts written back on cessation of liabilities may retain business nexus where the related expenditure was earlier allowed, but the matter was remanded for verification of that factual position under section 41(1). Insurance receipts were held not to be profits derived from the industrial undertaking because the immediate source was the insurer, so deduction was denied on that item. Case-Laws Income Tax Fri, 15 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208565