Madras HC Dismisses Revenue Appeal on 80IA & 80HHC Deduction Computation

CIT Vs Ucal Fuel Systems Ltd. (Madras High Court) This Tax Case (Appeal) before the Madras High Court relates to Assessment Year 2003-04 and involved two substantial questions of law admitted on 02.12.2024. The first question concerned whether notional loss of depreciation that had already been set off against other income in earlier years prior to the initial assessment year could be carried forward and set off in the initial assessment year for computing deduction under Section 80IA of the Income Tax Act, particularly in light of Section 80IA(5). The second question was whether, in computing...