VIJAY SOLVEX LTD. vs COMMISSIONER OF INCOME TAX
Whether deduction under Sections 80HH and 80I of the Income Tax Act 1961 is allowable on 'profits and gains' of the current year or on net income after deducting depreciation, unabsorbed depreciation, and unabsorbed losses --- Held: Deduction is allowable only on net income after such deductions, and if the resultant income is negative (loss), no deduction is permissible.
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