https://www.taxtmi.com/caselaws?id=5187 For deduction under section 80J, the profits of an eligible industrial undertaking must be computed under the ordinary provisions of the Income-tax Act, not on a separate or notional basis. Earlier years' losses, depreciation allowance and development rebate already fully absorbed against other business income cannot be reopened or adjusted again while arriving at the undertaking's profits for section 80J purposes. The carried forward deficiency is then dealt with under the mechanism prescribed by sub-section (3) against the profits referred to in sub-section (1), so the deduction is based on the actual computed profits of the undertaking as determined under the Act. en-us Fri, 06 Oct 1978 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5187 For deduction under section 80J, the profits of an eligible industrial undertaking must be computed under the ordinary provisions of the Income-tax Act, not on a separate or notional basis. Earlier years' losses, depreciation allowance and development rebate already fully absorbed against other business income cannot be reopened or adjusted again while arriving at the undertaking's profits for section 80J purposes. The carried forward deficiency is then dealt with under the mechanism prescribed by sub-section (3) against the profits referred to in sub-section (1), so the deduction is based on the actual computed profits of the undertaking as determined under the Act. Case-Laws Income Tax Fri, 06 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5187