https://www.taxtmi.com/caselaws?id=352356 The appellant's claim for deduction under Section 80-IA of the Income Tax Act was denied as the High Court ruled that the deduction should be allowed only on the net profits of the eligible undertaking after accounting for depreciation. The Court emphasized that Section 80-IA(5) mandates computation of profits as if it were the only source of income. The appeal was dismissed, aligning with the Tribunal's decision and relevant Supreme Court interpretations, stating that the deduction should be based on net profits after deducting depreciation. en-us Mon, 27 Nov 2017 00:00:00 +0530 Wed, 13 Dec 2017 08:27:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352356 The appellant's claim for deduction under Section 80-IA of the Income Tax Act was denied as the High Court ruled that the deduction should be allowed only on the net profits of the eligible undertaking after accounting for depreciation. The Court emphasized that Section 80-IA(5) mandates computation of profits as if it were the only source of income. The appeal was dismissed, aligning with the Tribunal's decision and relevant Supreme Court interpretations, stating that the deduction should be based on net profits after deducting depreciation. Case-Laws Income Tax Mon, 27 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352356