https://www.taxtmi.com/caselaws?id=55413 Chapter VI-A deductions require prior computation of gross total income under the Act. Unabsorbed depreciation, development rebate and applicable carried-forward losses must therefore be adjusted in computing business income and total income before deduction under section 80P is allowed; relief cannot be granted on income before those adjustments. The section 80P claim was consequently rejected. The section 80J claim, concerning computation of capital employed without deducting liabilities, required reconsideration because the retrospective amendment affecting that provision was pending before the Supreme Court. The matter was remanded for a fresh decision in light of that ruling, resulting in partial allowance. en-us Wed, 22 Jun 1983 00:00:00 +0530 Sun, 22 Dec 2024 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55413 Chapter VI-A deductions require prior computation of gross total income under the Act. Unabsorbed depreciation, development rebate and applicable carried-forward losses must therefore be adjusted in computing business income and total income before deduction under section 80P is allowed; relief cannot be granted on income before those adjustments. The section 80P claim was consequently rejected. The section 80J claim, concerning computation of capital employed without deducting liabilities, required reconsideration because the retrospective amendment affecting that provision was pending before the Supreme Court. The matter was remanded for a fresh decision in light of that ruling, resulting in partial allowance. Case-Laws Income Tax Wed, 22 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55413