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 pr ofits and gains, i.e. gr oss profits – Wher eas, the stand of the Income T ax Department was that deduction @ 20% is to be computed after taking into account depr eciation, unabsorbed depr eciation and investment allowance – In other wor ds, as per Depar tment, the income of the assessee is to be computed in accor dance with the provisions contained in ss.28 to 44DB which ar e the pr ovisions for computation of ‘income’ under the head ‘pr ofits and gains of business or Pr
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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