1998 (2) TMI 94

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..... ssioner of Income-tax, the Income-tax Appellate Tribunal has referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case and also in the light of the provision contained in section 80AB and the decisions in CIT v. P. K. Jhaveri [1990] 181 ITR 79 (SC) and CIT v. Kerala Solvent Extractions Ltd. [1987] 165 ITR 174 (Ker), deduction under .....

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..... e in appeal before the Income-tax Appellate Tribunal, which upheld the view taken by the Commissioner of Income-tax (Appeals). Learned senior standing counsel relying upon the case of CIT v. Vishnu Oil and Dal Mills [1996] 218 ITR 71 (Raj), urged before us that the income eligible for deduction will be the net income as computed in accordance with the provisions of the Act and not the gross incom .....

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..... n 80AB, the Appellate Tribunal would not have reached a different conclusion. Be that as it may, the fact remains that section 80AB which was relied on by the Rajasthan High Court to reach the conclusion that, for determination of the relief under section 80HH, the income eligible for deduction will be the net income and not the gross income, was not taken into consideration by the Appellate Trib .....

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