https://www.taxtmi.com/caselaws?id=312063 ITAT Chandigarh allowed revenue's appeal regarding deduction under section 80IC. The tribunal held that deduction must be computed after reducing remuneration and interest payable to partners, not on total gross profit as determined by CIT(A). Following SC precedents in Kotagiri Industrial Co-operative Tea Factory Ltd. and others, the tribunal emphasized that deductions under Chapter VIA require income computation per specific head provisions before allowing deductions. The tribunal set aside CIT(A)'s order and restored the Assessing Officer's decision with different reasoning. en-us Tue, 11 Nov 2014 00:00:00 +0530 Tue, 30 Jan 2024 17:26:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312063 ITAT Chandigarh allowed revenue's appeal regarding deduction under section 80IC. The tribunal held that deduction must be computed after reducing remuneration and interest payable to partners, not on total gross profit as determined by CIT(A). Following SC precedents in Kotagiri Industrial Co-operative Tea Factory Ltd. and others, the tribunal emphasized that deductions under Chapter VIA require income computation per specific head provisions before allowing deductions. The tribunal set aside CIT(A)'s order and restored the Assessing Officer's decision with different reasoning. Case-Laws Income Tax Tue, 11 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312063