https://www.taxtmi.com/caselaws?id=10158 The court concluded that the law established by the Supreme Court in IPCA Laboratory Ltd. v. Deputy CIT [2004] 266 ITR 521 applied to the assessment years 1985-86 and 1986-87. It upheld the Assessing Officer's decision to adjust the brought forward business loss against the current year's profit, resulting in nil gross total income and denying the deduction under section 80HHC of the Income-tax Act. The judgment favored the Revenue over the assessee, emphasizing the necessity of adjusting losses against profits for deduction purposes under section 80HHC. en-us Mon, 01 Nov 2004 00:00:00 +0530 Thu, 09 Jul 2009 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10158 The court concluded that the law established by the Supreme Court in IPCA Laboratory Ltd. v. Deputy CIT [2004] 266 ITR 521 applied to the assessment years 1985-86 and 1986-87. It upheld the Assessing Officer's decision to adjust the brought forward business loss against the current year's profit, resulting in nil gross total income and denying the deduction under section 80HHC of the Income-tax Act. The judgment favored the Revenue over the assessee, emphasizing the necessity of adjusting losses against profits for deduction purposes under section 80HHC. Case-Laws Income Tax Mon, 01 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10158