https://www.taxtmi.com/caselaws?id=20462 The High Court of Bombay ruled that relief under section 80J(1) and development rebate should not be set off against capital gains but against the respective business income. The court clarified that deductions should be applied as per specific provisions for each income head before arriving at the total income. The court rejected arguments that relief under section 80J(1) should be allowed against capital gains and that development rebate should be set off against capital gains instead of business income. The court ruled in favor of the Revenue on both issues. en-us Wed, 15 Sep 1993 00:00:00 +0530 Sat, 14 Nov 2009 11:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20462 The High Court of Bombay ruled that relief under section 80J(1) and development rebate should not be set off against capital gains but against the respective business income. The court clarified that deductions should be applied as per specific provisions for each income head before arriving at the total income. The court rejected arguments that relief under section 80J(1) should be allowed against capital gains and that development rebate should be set off against capital gains instead of business income. The court ruled in favor of the Revenue on both issues. Case-Laws Income Tax Wed, 15 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20462