https://www.taxtmi.com/caselaws?id=30564 The High Court ruled in favor of the Revenue, holding that deduction under section 80HHC should be computed after considering unabsorbed losses and depreciation, as per the provisions of section 80AB of the Income Tax Act, 1961. The Court emphasized that the computation for deduction must align with the total income computed under section 80AB, ensuring that income from profits and gains of business conforms to the Act's provisions, including setoff and carry forward. The decision was based on established legal principles and previous court rulings, ultimately allowing the tax case appeal in favor of the Revenue. 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=30564 The High Court ruled in favor of the Revenue, holding that deduction under section 80HHC should be computed after considering unabsorbed losses and depreciation, as per the provisions of section 80AB of the Income Tax Act, 1961. The Court emphasized that the computation for deduction must align with the total income computed under section 80AB, ensuring that income from profits and gains of business conforms to the Act's provisions, including setoff and carry forward. The decision was based on established legal principles and previous court rulings, ultimately allowing the tax case appeal in favor of the Revenue. Case-Laws Income Tax Tue, 03 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30564