Deduction has to be computed on the ‘profits and gains’, without deducting therefrom ‘depreciation’ and ‘investment allowance’ & not from ‘income’ as computed under the Act. S. 80AB is prospective. Motilal Pesticides (I) Pvt Ltd v. CIT ( 2000) 243 ITR 26 (SC) is reversed)(CA Nos. 1581-1582 of 2005, dt. 01.03.2019)( AY.1979 -80 , 1980-81)
Vijay Industries v. CIT( 2019) 402 ITR 1/ 175 DTR 321/ 307 CTR 486 / 264 Taxman 265 (SC), www.itatonline.orgEditorial: Vijay Industries v. CIT ( 2004)270 ITR 175/ 190 CTR 90 (Raj) (HC)
S. 80HH :Newly established industrial undertakings –Income -Profits and gains-Deduction has to be computed on the profits and gains without deducting therefrom ‘depreciation’ and ‘investment allowance’ & not from income as computed under the Act. S. 80AB is prospective. [ S.80AB, 80I]