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TMI Blog1988 (4) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 16,41,189 by wrongly deducting Rs. 1,24,200 being deficiency u/s 80J for the Asst. year 1976-77 whereas there was no such deficiency as per assessment records. It is, therefore, prayed that the income of Rs. 18,17,547 computed by the ITO vide order u/s 154 dated15-4-1985may kindly be adopted. 2. On the facts and In the circumstances of the case, the Commissioner of Income-tax (Appeals) has erred in law and facts in directing to work out relief u/s 80HH before deducting investment allowance. 3. On the facts and in the circumstances of the case, the Commissioner of Income-tax (Appeals) has further erred in law and facts in agreeing with the assessee's contention that Central subsidy of Rs. 3,20,100 received by the assessee be included in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in respect of any such income or profits and gains under the said Chapter VI-A, the amount of such income or profits and gains computed as aforesaid as reduced by the amount of such deduction." 2.1 The above Explanation, as finds mention in rule 1 of the First Schedule, speaks of that, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the Income-tax Act (except Chapter VI-A thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said Chapter VI-A, the amount of such income or profits and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -A) being invoked and in this view of the matter, if 80 HH relief has been allowed or directed to be 'so done, after claim of investment allowance, this is in accordance with law and there is no infirmity attached therewith. 80J relief has also to be allowed as deduction in working out the 'chargeable profits' in accordance with law and not as per the assessment order under the provisions of the Income-tax Act, where for any reasoning, may be ignorance or wrong advice, a claim has not been made. There is also no infirmity in allowing 80J relief as deduction to the assessee in accordance with law for the work out of chargeable profits under the Companies (Profits) Surtax Act, 1964. 5. As regards Central subsidy, which has been received by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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