https://www.taxtmi.com/caselaws?id=12754 The High Court of Madras ruled in favor of the assessee, holding that the deduction under section 32AB of the Income-tax Act should be determined based on the computation method outlined in section 32AB(3), following Schedule VI of the Companies Act, rather than on the business income calculated as per the Income-tax Act. The court emphasized that the statutory provision of section 32AB does not incorporate the computation of income under the Income-tax Act for this purpose. The Revenue was directed to pay costs to the assessee. en-us Mon, 15 Oct 2001 00:00:00 +0530 Thu, 21 May 2009 17:44:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12754 The High Court of Madras ruled in favor of the assessee, holding that the deduction under section 32AB of the Income-tax Act should be determined based on the computation method outlined in section 32AB(3), following Schedule VI of the Companies Act, rather than on the business income calculated as per the Income-tax Act. The court emphasized that the statutory provision of section 32AB does not incorporate the computation of income under the Income-tax Act for this purpose. The Revenue was directed to pay costs to the assessee. Case-Laws Income Tax Mon, 15 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12754