Supreme Court · 2019 INSC 296 · Decided 1 March 2019
M/S. Vijay Industries v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2019 INSC 296 · [2019] 4 S.C.R. 928
- Case number
- CIVIL APPEAL No. 1581/2005
- Decided
- 1 March 2019
- Bench
- A.K. SIKRI, S. ABDUL NAZEER, M.R. SHAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 80HH(1), 80A, 80AB
Headnote
Income Tax Act, 1961 - ss. 80HH(1), 80A, 80AB and ss. 30 to 43D - Assessees claimed deduction u/s. 80HH @ 20% of profits and gains, i.e. gross profits - Whereas, the stand of the Income Tax Department was that deduction @ 20% is to be computed after depreciation, unabsorbed depreciation and investment allowance - In other words, as per Department, the income of the assessee is to be computed in accordance with the provisions contained in ss.28 to 44DB which are the provisions for computation of 'income' under the head
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