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TMI Blog2014 (6) TMI 178X X X X Extracts X X X X X X X X Extracts X X X X ..... the profits of the business – thus, the assessee is eligible for deduction u/s 80HHC of the Act – Decided against Revenue. - ITA No. 5646/Mum./2012 - - - Dated:- 19-5-2014 - Shri Sanjay Arora And Shri Amit Shukla,JJ. For the Petitioner : Mr. Maurya Pratap For the Respondent : Mr. Ashok Suthar ORDER Per Amit Shukla, J. M. The aforesaid appeal has been preferred by the assessee challenging the impugned order dated 7th June 2012, passed by he learned Commissioner (Appeals) XVIII, Mumbai, for the quantum of assessment passed under section 143(3) of the Income Tax Act, 1961 (for short the Act ) for the assessment year 2004 05, on the following grounds:- On the facts and in the circumstances of the case and in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 80IB, has been allowed in favour of the assessee by the Tribunal in assessee s own case for the assessment year 2000 01. In this case, the Tribunal has relied upon the decision of the Hon'ble Jurisdictional High Court after observing and holding as under: 6. We have carefully considered the submissions of the rival parties and perused the material available on record. We find merit in the plea of the ld. counsel for the assessee that the issue stands covered in favour of the assessee by the judgment of the Hon ble jurisdictional High Court in the case of Associated Capsules Pvt. Ltd. (supra) wherein it has been held by Their Lordships (Headnote pages 42 43) : Section 80-IA(9) of the Income-tax Act, 1961, provides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excluding the profits allowed as deduction under section 80-IA, so that the total deduction allowed under the heading C of Chapter VI-A does not exceed the profits of the business. Held, accordingly, that the Tribunal was not right in holding that section 80-IA(9) of the Act, mandates that the amount of profits allowed as deduction under section 80-IA(1) of the Act have to be reduced from the profits of the business of the undertaking while computing deduction under any other provisions under heading C in Chapter VI-A of the Act. 7. In the absence of any distinguishing feature brought on record by the Revenue and keeping in view that the decision of the Hon ble jurisdictional High Court is binding, we are of the view that the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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