1996 (5) TMI 81 - HC - Income Tax

Deduction From Profits And Gains, New Industrial Undertaking In Backward Area, Profits And Gains Of Business

Summary

The High Court of Gauhati ruled that a taxpayer is entitled to deduction under section 80HH only to the extent of profits or gains derived from the industrial undertaking. If the taxpayer has other business activities, no deduction is available on those profits. The court's decision favored the Revenue and rejected the taxpayer's claim for deduction under section 80HH.