https://www.taxtmi.com/caselaws?id=181476 Section 15C exemption was confined to profits actually derived from the industrial undertaking, so a composite business could not treat all income as exempt merely because one qualifying undertaking existed. Income from non-industrial activities remained outside the relief, and the issue was decided against the assessee. Carried-forward depreciation had first to be set off in computing the industrial undertaking's profits under section 10; only the resulting qualifying balance could then be exempted under section 15C. The computation did not create a double benefit, and this issue was also decided against the assessee. en-us Tue, 04 Oct 1960 00:00:00 +0530 Mon, 18 Apr 2016 14:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181476 Section 15C exemption was confined to profits actually derived from the industrial undertaking, so a composite business could not treat all income as exempt merely because one qualifying undertaking existed. Income from non-industrial activities remained outside the relief, and the issue was decided against the assessee. Carried-forward depreciation had first to be set off in computing the industrial undertaking's profits under section 10; only the resulting qualifying balance could then be exempted under section 15C. The computation did not create a double benefit, and this issue was also decided against the assessee. Case-Laws Income Tax Tue, 04 Oct 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181476