Law: Income Tax Act, 1961

Section: 80HH

Income-tax----New Industrial undertaking in backward area---Special deduction--¬Computation of special deduction---Special deduction to be calculated on net income after deduction of depreciation, investment allowance, etc.---Indian Income Tax Act, 1961, S.80HH. While calculating the amount of deduction under section 80HH of the Income Tax Act, 1961, depreciation and investment allowance are required to be deducted and only the net income ascertained under the Act shall be deemed to be the amount entitled for relief under section 80HH of the Act. C.I.T. v. Vishnu Oil and Dal Mills (1996) 218 ITR 71 (Raj.) fol. JUDGMENT B. R. ARORA, J.---The Income-tax Appellate Tribunal, Jaipur 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, 1961, depreciation and investment allowance is required to be ignored?" The identical question came up for consideration before the Division Bench of this Court in D.B. Income-tax Reference No. l of 1991„ C.I.T. v. Vishnu Oil and Dal…

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