1995 (11) TMI 20 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that depreciation and investment allowance should be deducted while calculating the deduction under section 80HH of the Income-tax Act. The court held that the net income as per the provisions of the Act is eligible for the deduction, not the gross income. The judgment favored the Revenue and went against the assessee. (1995 (11) TMI 20 - RAJASTHAN High Court)