https://www.taxtmi.com/caselaws?id=30563 For computing deduction under Section 80HHC, business profits had to be determined after giving effect to the statutory scheme of set-off and carry forward. Section 80AB required income of the relevant nature to be computed before Chapter VI-A relief, so unabsorbed depreciation and carried forward business losses from earlier years could not be ignored in arriving at profits of business. The Court followed its earlier view and the Supreme Court's affirmation of the same principle, resulting in the relief being reduced by such brought-forward losses. en-us Tue, 03 Jul 2007 00:00:00 +0530 Wed, 03 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30563 For computing deduction under Section 80HHC, business profits had to be determined after giving effect to the statutory scheme of set-off and carry forward. Section 80AB required income of the relevant nature to be computed before Chapter VI-A relief, so unabsorbed depreciation and carried forward business losses from earlier years could not be ignored in arriving at profits of business. The Court followed its earlier view and the Supreme Court's affirmation of the same principle, resulting in the relief being reduced by such brought-forward losses. Case-Laws Income Tax Tue, 03 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30563