1992 (3) TMI 17

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..... tax Act, 1961, the following question has been submitted: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in confirming the direction of the Commissioner of Income-tax (Appeals) that the amount of 20% has to be calculated with reference to the profit and loss account of the assessee and deductions on account of depreciation, developmen .....

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..... . Ltd. v. Union of India [1985] 155 ITR 120 and CIT v. Kerala Solvent Extractions Ltd. [1987] 165 ITR 174 (Ker), wherein it has been held that 20% deduction under section 80HH can be availed of after setting off unabsorbed depreciation and development rebate, etc. Without going into the merits of the case, we are of the opinion that the above question requires the interpretation of the provision .....

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