https://www.taxtmi.com/caselaws?id=252608 The Gujarat High Court ruled in favor of the revenue Department in a case concerning the interpretation of Section 80HHC. The Court held that unabsorbed business losses of earlier years should be set off before determining business profits for deduction under Section 80HHC. This decision was influenced by the precedent set in the case of Commissioner of Income-Tax vs. Shirke Construction Equipment Ltd. The Court's ruling favored the Department, quashing the ITAT's judgment, making the eligibility of a firm engaged in manufacturing detergent powder for deductions under sections 80HH and 80-I a secondary issue in the case. en-us Fri, 10 Oct 2014 00:00:00 +0530 Thu, 30 Oct 2014 06:20:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252608 The Gujarat High Court ruled in favor of the revenue Department in a case concerning the interpretation of Section 80HHC. The Court held that unabsorbed business losses of earlier years should be set off before determining business profits for deduction under Section 80HHC. This decision was influenced by the precedent set in the case of Commissioner of Income-Tax vs. Shirke Construction Equipment Ltd. The Court's ruling favored the Department, quashing the ITAT's judgment, making the eligibility of a firm engaged in manufacturing detergent powder for deductions under sections 80HH and 80-I a secondary issue in the case. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252608