https://www.taxtmi.com/caselaws?id=16033 The High Court of Madras ruled in a case concerning the interpretation of deduction under section 80HH of the Income-tax Act, 1961 for a newly established industrial undertaking in a backward area. The court held that the deduction should be computed after considering the net income of the business, including setting off earlier losses. This decision favored the Revenue, emphasizing adherence to the prescribed procedures and aligning with the objective of encouraging industries in backward areas. The judgment clarified the methodology for calculating the deduction under section 80HH, ensuring consistency in granting deductions under Chapter VIA. en-us Wed, 19 Nov 1997 00:00:00 +0530 Mon, 31 Aug 2009 15:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16033 The High Court of Madras ruled in a case concerning the interpretation of deduction under section 80HH of the Income-tax Act, 1961 for a newly established industrial undertaking in a backward area. The court held that the deduction should be computed after considering the net income of the business, including setting off earlier losses. This decision favored the Revenue, emphasizing adherence to the prescribed procedures and aligning with the objective of encouraging industries in backward areas. The judgment clarified the methodology for calculating the deduction under section 80HH, ensuring consistency in granting deductions under Chapter VIA. Case-Laws Income Tax Wed, 19 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16033