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TMI Blog2007 (9) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... Member. - The revenue is in appeal agitating the action of the learned Commissioner of Income-tax (Appeals) in allowing the claim of deduction under section 80HHC, read with section 115JB. 2. The learned Departmental Representative pointed out that the order of learned CIT(A) is opposed to law and facts and circumstances of the case. He erred in holding that there are no radical changes betw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. [2004] 89 ITD 457, have to be followed although those decisions have been rendered in the context of section 115J. He overlooked the fact that there is a specific definition provided for what and how the "profits and business" are to be computed under section 80HHC. He erred in allowing the computation of book profit as per Companies Act to arrive at the eligible profits of the business for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, he pointed out that the decisions of the Hon ble Kerala High Court and the ITAT Bench of Mumbai which has been incorporated in the said decision, the eligible profits remain for the computation of export business deduction under section 80HHC which the assessee had claimed in the returns so filed before the Assessing Officer. He fully supported the order of learned CIT(A). 5. We have he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. The minimum alternate tax scheme does not provide for deductions. Therefore, the interpretation is that the adjusted book profit of a company itself is the gross total income of that assessee-company. The deduction under section 80HHC is in that way given out of the gross total income in a case falling under minimum alternate tax. This in turn means that section 80HHC should be computed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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