https://www.taxtmi.com/caselaws?id=188760 The High Court addressed the issue of deduction under Clause (iv) of Section 115JB of the I.T. Act, 1961, emphasizing the distinction between "eligibility" and "deductibility" of profits. Referring to a previous Apex Court decision, it held that calculations should be based on adjusted book profit rather than income assessable under a specific head. The Court ruled in favor of the assessee, maintaining the importance of adhering to the conditions for relief under section 80HHC. As a result, the appeal was decided against the revenue, with no order as to costs. en-us Thu, 13 Sep 2012 00:00:00 +0530 Thu, 15 Dec 2016 14:19:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188760 The High Court addressed the issue of deduction under Clause (iv) of Section 115JB of the I.T. Act, 1961, emphasizing the distinction between "eligibility" and "deductibility" of profits. Referring to a previous Apex Court decision, it held that calculations should be based on adjusted book profit rather than income assessable under a specific head. The Court ruled in favor of the assessee, maintaining the importance of adhering to the conditions for relief under section 80HHC. As a result, the appeal was decided against the revenue, with no order as to costs. Case-Laws Income Tax Thu, 13 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188760