https://www.taxtmi.com/caselaws?id=267686 The High Court of Rajasthan analyzed the interpretation of Section 80-HH of the Income Tax Act, 1961, for Assessment Year 1979-1980 and 1980-1981. It distinguished "profits and gains" from "income," ruling they are not interchangeable terms. The key issue was whether the Assessee could claim a deduction under Section 80-HH on gross profit or net income. The Court compared Section 80-HH with Section 80-M, emphasizing language disparities. Referring to past cases, the Court scrutinized deductions on gross total income versus net income. The judgment referred the matter to the Hon'ble Chief Justice of India for a review of the Motilal Pesticides judgment. en-us Wed, 05 Nov 2014 00:00:00 +0530 Fri, 14 Sep 2018 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267686 The High Court of Rajasthan analyzed the interpretation of Section 80-HH of the Income Tax Act, 1961, for Assessment Year 1979-1980 and 1980-1981. It distinguished "profits and gains" from "income," ruling they are not interchangeable terms. The key issue was whether the Assessee could claim a deduction under Section 80-HH on gross profit or net income. The Court compared Section 80-HH with Section 80-M, emphasizing language disparities. Referring to past cases, the Court scrutinized deductions on gross total income versus net income. The judgment referred the matter to the Hon'ble Chief Justice of India for a review of the Motilal Pesticides judgment. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267686