Supreme Court of India
M/s. Vijay Industries v. Commissioner of Income Tax
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From the headnote
Income Tax Act, 1961 – ss. 80HH(1), 80A, 80AB and ss. 30 to 43D – Assessees claimed deduction u/s. 80HH @ 20% of profits and gains, i.e. gross profits – Whereas, the stand of the Income Tax Department was that deduction @ 20% is to be computed after taking into account depreciation, unabsorbed depreciation and investment allowance – In other words, as per Department, the income of the assessee is to be computed in accordance with the provisions contained in ss.28 to 44DB which are the provisions for computation of ‘income’ under the head ‘profits and gains of business or Professions’ and once…
Authorities it was built on
- 1978 Cambay Electric Supply Industrial Co. Ltd. v. The Commissioner of Income Tax, Gujarat-ii Ahmedabad (and Vice Versa)
- 1985 Distributors (baroda) Pvt. Ltd. v. Union of India and Two Ors.
- 1997 Commissioner of Income Tax Tamil Nadu-v Madras v. Kotagiri Industrial Co-operative Tea Factory Ltd., Kotagiri
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