https://www.taxtmi.com/caselaws?id=255461 The Gujarat High Court upheld the decision in favor of the assessee in a tax appeal regarding the interpretation of deduction under section 80IB of the Income Tax Act, 1961. The Court ruled that only net interest or net rent, not gross amounts, should be deducted for determining business profits. Citing a precedent, the Court dismissed the revenue's appeal, affirming the Tribunal's decision to allow the deduction based on established legal principles. en-us Fri, 17 Oct 2014 00:00:00 +0530 Sat, 17 Jan 2015 09:54:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255461 The Gujarat High Court upheld the decision in favor of the assessee in a tax appeal regarding the interpretation of deduction under section 80IB of the Income Tax Act, 1961. The Court ruled that only net interest or net rent, not gross amounts, should be deducted for determining business profits. Citing a precedent, the Court dismissed the revenue's appeal, affirming the Tribunal's decision to allow the deduction based on established legal principles. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255461