before making any
deduction under Chapter VIA. In other words, before computing the
deduction under Chapter VIA, the requirement is that total income
should ... without reference to the deduction allowable under Chapter
VIA, was introduced. The deductions available under Chapter VIA
were either wholly or partly reduced from
Acit 25(1), Mumbai vs Amber Enterprises, Mumbai on 9 May, 2018
IN THE INCOME
Chapter viz. Chapter VIA. Under Sub-section (2) of Section 80A a ceiling has been placed, viz., the aggregate amount of deductions under the Chapter ... gross total income before any deduction under Chapter VIA is to be allowed.
20. Once this is the scheme laid down by the statute
Chapter VIA. Chapter VIA
refers to special deductions. It is a separate Code by itself. There
1
3
is a distinction between "deductions/allowances ... because the same constitute charge on profit, whereas, deductions
under Chapter VIA are allowed from Gross Total Income chargeable
to tax. Therefore, the judgments rendered
adopted for allowing deduction under Chapter VI-A. There cannot be two separate calculations, one for business income and other for Chapter-VIA.
16. Shri ... fair reading of these provisions it is apparent that for allowing deductions under Chapter VIA the first step is to compute the gross total income
brought at par with the other Sections dealing with deductions allowed under Chapter VIA of the Act. From 1st April, 2001 onwards, the brought forward ... been brought at par with other Section dealing with deduction allowed under Chapter VIA of the Act . From 1st April, 2001 onwards, brought forward losses
income, i.e., total income of an assessee, as computed without allowing Chapter VIA deductions. In other words, the income computed as per the provisions ... VIA) is nil or is less than the full amount of the investment allowance. The sum to be allowed by way of investment allowance
applying provisions
of Chapter IV, V and VI. From this income,
deductions are permitted and allowed in terms
of Chapter VIA. Deductions do not mean ... significant and important. As noticed above,
before allowing deduction under Chapter VIA we
have to compute the income and include the
same in the total
that undisclosed income u/s
158BB should be computed after allowing
deduction under Chapter VIA. Respectfully
following the abov e decision of ITAT ... dated
27.08.2002 and held that said Circular provided for allowance of
Chapter-VIA of the Act , while calculating the
deduction under Chapter
undisclosed income
without reference to the deduction allowable under
Chapter VIA, was introduced. The deductions available under
Chapter VIA were either wholly or partly reduced from ... applying provisions
of Chapter IV, V and VI. From this income, deductions are permitted and
allowed in terms of Chapter VIA. Deductions do not mean
