2012 (2) TMI 119 - SCH - Income Tax

Deduction u/s 80HHC whether to be allowed on basis of adjusted book profits u/s 115JA or profit arrived at on the regular basis - Held that - Deduction u/s 80HHC in a case of MAT assessment is to be worked out on the basis of the adjusted book profit and not on the basis of the profit computed under the regular provisions of law. See DCIT vs. Syncome Formulations (I) Ltd (2007 - TMI - 59552 - ITAT BOMBAY-H ) - Decided in favor of assessee.

Summary

The Supreme Court of India set aside the High Court's judgment and affirmed the Income Tax Appellate Tribunal's decision in the case of Deputy Commissioner of Income Tax vs. Syncome Formulations (I) Ltd. The civil appeals filed by the assessee were allowed with no order as to costs. (2012 (2) TMI 119 - SC Order)