Bombay High Court Allows Appeal in Income Tax Deduction Dispute — Section 33AC Reserve Not to Reduce Base for Section 80-I Deduction. The Court held that the deduction under Section 33AC for creation of a reserve for acquisition of a new ship does not reduce the profits and gains derived from a ship for computing the deduction under Section 80-I of the Income-tax Act, 1961....
The case involves two appeals filed by M/s. Tolani Ltd., a public limited company engaged in the shipping business, against the Deputy Commissioner of Income Tax (DCIT). The appeals pertain to Assessm...




