https://www.taxtmi.com/caselaws?id=764042 Gujarat HC ruled on multiple depreciation and deduction issues. Court held Explanation 5 to Section 32(1) applies prospectively from 2002, favoring assessee for AY 2001-02. For Chapter VIA deductions, notional depreciation must reduce profits to prevent inflation of eligible business profits. Export profits under Section 80HHC cannot be claimed simultaneously with Section 80IA/80IB deductions on same income. However, installation of new turbine qualified as new industrial undertaking under Section 80IA proviso, favoring assessee on this specific issue. en-us Tue, 10 Dec 2024 00:00:00 +0530 Wed, 01 Jan 2025 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764042 Gujarat HC ruled on multiple depreciation and deduction issues. Court held Explanation 5 to Section 32(1) applies prospectively from 2002, favoring assessee for AY 2001-02. For Chapter VIA deductions, notional depreciation must reduce profits to prevent inflation of eligible business profits. Export profits under Section 80HHC cannot be claimed simultaneously with Section 80IA/80IB deductions on same income. However, installation of new turbine qualified as new industrial undertaking under Section 80IA proviso, favoring assessee on this specific issue. Case-Laws Income Tax Tue, 10 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764042