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)
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.