https://www.taxtmi.com/caselaws?id=326147 The Court ruled in favor of the appellant on both issues. It held that the deduction under Section 32-AB should be computed on profits before setting off carried forward losses, in accordance with the plain language of the provisions and the Finance Act, 1987 amendment. The Court emphasized the correct interpretation of the provisions and the sequence of allowing deductions and set offs. The appeal was allowed in favor of the appellant, with no costs incurred. en-us Mon, 28 Mar 2016 00:00:00 +0530 Thu, 17 Nov 2016 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326147 The Court ruled in favor of the appellant on both issues. It held that the deduction under Section 32-AB should be computed on profits before setting off carried forward losses, in accordance with the plain language of the provisions and the Finance Act, 1987 amendment. The Court emphasized the correct interpretation of the provisions and the sequence of allowing deductions and set offs. The appeal was allowed in favor of the appellant, with no costs incurred. Case-Laws Income Tax Mon, 28 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326147