https://www.taxtmi.com/caselaws?id=302044 The Tribunal was not justified in holding that the amount to be reduced under clause (iv) of Explanation 1 to Section 115JB in respect of the profits eligible for deduction under Section 80HHC should be computed with reference to the net profits in the profit and loss account and not according to the profits of the business computed under the head of profits and gains of business or profession. The question of law is answered in favor of the Revenue and against the assessee. The appeal is disposed of with no order as to costs. en-us Thu, 08 Jul 2010 00:00:00 +0530 Mon, 02 May 2022 10:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302044 The Tribunal was not justified in holding that the amount to be reduced under clause (iv) of Explanation 1 to Section 115JB in respect of the profits eligible for deduction under Section 80HHC should be computed with reference to the net profits in the profit and loss account and not according to the profits of the business computed under the head of profits and gains of business or profession. The question of law is answered in favor of the Revenue and against the assessee. The appeal is disposed of with no order as to costs. Case-Laws Income Tax Thu, 08 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302044