9911796707
TMI Blog2008 (6) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... ch resulted in the negative figure - Both the parties agreed that the issue is covered by the decision of the hon'ble Supreme Court in the case of IPCA Laboratory Ltd. [2004] 266 ITR 51 - Held that: - following the decision of the hon'ble Supreme Court, we hold that the assessee is not entitled for deduc-tion under section 80HHC - Appeal is dismissed - 368/08 - - - Dated:- 16-6-2008 - RAVIRAJA PANDIAN K. and JANARTHANA RAJA P. P. S. JJ. Judgment: K. Raviraja Pandian J.- By formulating the following substantial question of law, the assessee has filed this appeal against the order of the Income-tax Appellate Tribunal, "A" Bench, dated September 15, 2006, made in I. T. A. No. 851 (Mds)/2005 : "Whether on the facts and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port profits (-) Rs.4,17,63,563 against the proviso relief of Rs. 2,92,39,040, thereby denying the deduction under section 80HHC of the Act. 3. Aggrieved by the order of assessment, an appeal was preferred before the Commissioner of Income-tax (Appeals) who held that even though the processing charges, additional consideration received from the export houses should be included in the profits of the business for the purpose of section 80HHC of the Act, the profits under the main provisions of section 80HHC(3) of the Act works out to a negative figure and hence the assessee was not entitled for any deduction under section 80HHC of the Act. That order was again carried on appeal before the Tribunal. The Tribunal, by the impugned order, hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the fact that what was sought to be excluded in terms of section 28(iiid) of the Act was only a profit on the transfer of DEPB licence and not the entire sale consideration. As already stated, from a reading of the order it could be seen that the issue has not been agitated before the Tribunal and no dis-cussion has been made and no finding has been arrived at. 6. When the assessee has not argued the issue before the Tribunal and obtained an order on the merits from the Tribunal, he cannot now raise that issue in this appeal by formulating the above referred question of law. Moreover, before the Tribunal the issue has been stated to be covered by the apex court's decision, and, hence, the assessee cannot now raise a question of law a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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