2025 (8) TMI 1694

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....ATHAN For the Appellant : Mr. Saurabh Soparkar, Sr. Adv. Mr. Amar Dave, Sr. Adv. Mr. P. S. Sudheer, AOR Mr. Rishi Maheshwari, Adv. Ms. Anne Mathew, Adv. Mr. Bharat Sood, Adv. Mr. Jai Govind M J, Adv. Mr. Jashan Vir Singh, Adv. Mr. Saurabh Soparkar, Sr. Adv. Mr. Amar Dave, Sr. Adv. Mr. Mahesh Agarwal, Adv. Mr. Ankur Saigal, Adv. Mr. Naman Gupta, Adv. Mr. Siddhant Sahay, Adv. Mr. E. C. Agrawala, ....

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.... Vijay Industries vs. CIT reported in (2004) 270 ITR 175 dismissed all the three appeals. 4. The appeals before the High Court were on the following question of law:- "while calculating deduction under Section 80-I of the Income Tax Act whether the profits derive from the Industrial undertaking should be reduced by the claim of investment deposit under Section 32AB of the Act or not." ....

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...., which was inserted with effect from 01-04-1981, applies to the assessment years in issue in three appeals and squarely supports the case of the revenue which position has also been noted in the afore-mentioned judgment i.e., Vijay Industries (supra), of this Court. 10. We are of the view that we should set aside the impugned order passed by the High Court and remand the appeals for fresh cons....