2019 (3) TMI 652 - SCH - Income Tax

Deduction u/s 80HH - Tribunal holding that the deduction under section 80HH would be available out of income as computed under the Income-tax Act, and not out of the profits and gains of the industrial undertaking without deducting therefrom depreciation and investment allowance - Whether, Tribunal was right in law in holding that for the purposes of allowing deduction under section 80HH the profits and gains of an industrial undertaking should be computed by taking into consideration unabsorbed depreciation, current depreciation and investment allowance? HELD THAT - Delay condoned. Leave granted. The appeals are allowed in terms of the signed reportable Judgment. Pending applications, if any, stand disposed of.

Summary

The Supreme Court allowed the appeals in a judgment delivered by Justices A.K. Sikri, S. Abdul Nazeer, and M.R. Shah. The delay was condoned, leave was granted, and pending applications were disposed of.