https://www.taxtmi.com/caselaws?id=257642 The High Court allowed the appeals filed by the assessee and dismissed the appeals by the revenue. It emphasized the correct application of deductions, treatment of losses, and the prospective nature of Explanation 5 to Section 32 of the Income Tax Act. The court held that the loss from the Filati Unit should be set off against the profits of the Seide Unit before computing deductions under Section 80HHC. Additionally, it clarified that the Explanation 5 to Section 32 applies regardless of the assessee's claim for depreciation and that certain items should be excluded from the total turnover for computing deductions under Section 80HHC. en-us Fri, 14 Nov 2014 00:00:00 +0530 Sun, 03 May 2015 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257642 The High Court allowed the appeals filed by the assessee and dismissed the appeals by the revenue. It emphasized the correct application of deductions, treatment of losses, and the prospective nature of Explanation 5 to Section 32 of the Income Tax Act. The court held that the loss from the Filati Unit should be set off against the profits of the Seide Unit before computing deductions under Section 80HHC. Additionally, it clarified that the Explanation 5 to Section 32 applies regardless of the assessee's claim for depreciation and that certain items should be excluded from the total turnover for computing deductions under Section 80HHC. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257642