https://www.taxtmi.com/caselaws?id=19071 The High Court of Bombay ruled that depreciation should not be added back to the profits and gains of a Burshane cylinder factory for calculating the eight percent deduction under section 80-I of the Income-tax Act, 1961. The Court emphasized that total income, as per the Act, includes profits and gains of a priority undertaking, which must be computed after deducting depreciation. The decision aligned with previous rulings on similar provisions, stating that unabsorbed depreciation should be deducted for calculating relief. Ultimately, the Court sided with the Revenue, denying the inclusion of depreciation in the relief calculation. en-us Mon, 02 Nov 1992 00:00:00 +0530 Tue, 03 Nov 2009 17:28:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19071 The High Court of Bombay ruled that depreciation should not be added back to the profits and gains of a Burshane cylinder factory for calculating the eight percent deduction under section 80-I of the Income-tax Act, 1961. The Court emphasized that total income, as per the Act, includes profits and gains of a priority undertaking, which must be computed after deducting depreciation. The decision aligned with previous rulings on similar provisions, stating that unabsorbed depreciation should be deducted for calculating relief. Ultimately, the Court sided with the Revenue, denying the inclusion of depreciation in the relief calculation. Case-Laws Income Tax Mon, 02 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19071