Ashok Leyland Ltd. v. CIT (2022) 447 ITR 661/ 219 DTR 498/ 329 CTR 462 / (2023) 290 Taxman 120 (SC) Editorial : CIT v. Ashok Leyland Ltd (2008) 297 ITR 107 (Mad.)(HC), affirmed.

S. 80HHC : Export business-Unabsorbed losses to be taken into account before computing deduction.

Held that unabsorbed loss should be deducted to arrive at the profits for the purpose of calculation of deduction under section 80HHC of the Income-tax Act, 1961. Followed CIT v. Shirke Construction Equipment  Ltd (2007) 291 ITR 380(SC)/  14 SCC 787  (AY.1990-91)