https://www.taxtmi.com/caselaws?id=57692 The Tribunal allowed the appeal partially, holding that the assessee was entitled to a recomputation of the deduction under s. 80J of the IT Act, 1961. The Tribunal agreed with the assessee on the deduction of initial depreciation and borrowed capital but upheld the Revenue's objection on the actual deduction amount due to lack of available income after set-offs. The Tribunal rejected setting off unabsorbed depreciation and development rebate against other income, directing the ITO to recompute the deduction amount to be carried forward for a future assessment year. en-us Thu, 06 Dec 1979 00:00:00 +0530 Mon, 13 Dec 2010 10:09:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57692 The Tribunal allowed the appeal partially, holding that the assessee was entitled to a recomputation of the deduction under s. 80J of the IT Act, 1961. The Tribunal agreed with the assessee on the deduction of initial depreciation and borrowed capital but upheld the Revenue's objection on the actual deduction amount due to lack of available income after set-offs. The Tribunal rejected setting off unabsorbed depreciation and development rebate against other income, directing the ITO to recompute the deduction amount to be carried forward for a future assessment year. Case-Laws Income Tax Thu, 06 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57692