https://www.taxtmi.com/caselaws?id=10806 The court allowed the appeal, modifying the Tribunal's order. The assessee is entitled to a deduction of 20% of the profits of the eligible business computed under section 32AB(3) in accordance with the Companies Act. The income computed under Parts II and III of the Companies Act will be the basis for this deduction, irrespective of its classification under the Income-tax Act. The decision in Apollo Tyres Ltd. was considered the guiding precedent, overruling earlier decisions of the Gauhati and Calcutta High Courts. en-us Thu, 23 Sep 2004 00:00:00 +0530 Sat, 25 Jul 2009 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10806 The court allowed the appeal, modifying the Tribunal's order. The assessee is entitled to a deduction of 20% of the profits of the eligible business computed under section 32AB(3) in accordance with the Companies Act. The income computed under Parts II and III of the Companies Act will be the basis for this deduction, irrespective of its classification under the Income-tax Act. The decision in Apollo Tyres Ltd. was considered the guiding precedent, overruling earlier decisions of the Gauhati and Calcutta High Courts. Case-Laws Income Tax Thu, 23 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10806