https://www.taxtmi.com/caselaws?id=39382 The court held that the 8% deduction u/s 80-I should be made after setting off carried forward losses, depreciation, and development rebate. The court rejected the assessee's argument that the deduction should be made on total income before deducting carried forward amounts. Relying on statutory definitions and previous decisions, the court concluded that the deduction must follow the computation of total income in accordance with the provisions of the Income-tax Act. The court ruled in favor of the revenue, requiring the assessee to bear the costs and disposing of the reference accordingly. en-us Fri, 26 Dec 1975 00:00:00 +0530 Fri, 16 Apr 2010 11:16:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39382 The court held that the 8% deduction u/s 80-I should be made after setting off carried forward losses, depreciation, and development rebate. The court rejected the assessee's argument that the deduction should be made on total income before deducting carried forward amounts. Relying on statutory definitions and previous decisions, the court concluded that the deduction must follow the computation of total income in accordance with the provisions of the Income-tax Act. The court ruled in favor of the revenue, requiring the assessee to bear the costs and disposing of the reference accordingly. Case-Laws Income Tax Fri, 26 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39382