1995 (11) TMI 20

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r Bench, Jaipur, for the assessment years 1985-86, 1986-87, at the instance of the Revenue, has referred the following question of law for the opinion of the High Court under section 256(1) of the Act : " Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that while calculating the amount of deduction under section 80HH of the Income-tax Act .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... asons given in our judgment in Vishnu Oil Mills' case [1996] 218 ITR 71, we are of the opinion that while calculating the amount of deduction under section 80HH of the Income-tax Act the depreciation and investment allowance are required to be deducted-and it is only the net income ascertained under the Act that shall be deemed to be the amount entitled for relief under section 80HH of the Act. Co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X