Court :
HC
Brief :
Held by the Hon`ble Bench that as per sections 80AB and 80B the primary step for calculating the profits and gains is to determine the gross total income as per the provisions of the Act except giving effect to deductions under chapter VI-A, thereafter to compute the profit and gains of the Industrial Undertaking. Hence it is compulsory for the assessee to claim the deduction of depreciation under section 32 otherwise the claim for deduction would result in deduction of higher amount than the assessee is entitled to.
Citation :
Vahid Paper Converters Vs. Income Tax Officer
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Judgement posted by
CA.Saibaburao Nanduri
Chartered Accountant
I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more
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