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TMI Blog2014 (12) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded that the AO was bound to determine the profits of the industrial undertaking and while computing the profit, the receipts of the industrial undertaking and the expenditure incurred for carrying out the business of the industrial undertaking have to be taken into consideration - only the expenditure relating to the industrial undertaking would be deducted - The expenditure incurred by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tified in law in holding that service charges of ₹ 2,20,500/- to be recovered from M/s Interach are to be included in the profits of industrial undertaking for computing deduction u/s 80-I of the Act (wrongly mentioned by the ITAT as u/s 80HHC)? 2. It is not disputed that the respondent-assessee is entitled to claim deduction under Section 80-I of the Act. The respondent-assessee had sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htly and correctly recorded that the Assessing Officer was bound to determine the profits of the industrial undertaking and while computing the profit, the receipts of the industrial undertaking and the expenditure incurred for carrying out the business of the industrial undertaking have to be taken into consideration. Thus, ₹ 2,20,500/- would not form part of the income earned i.e. income d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure incurred by the respondent-assessee and thereby increased the profits eligible for deduction under Section 80-I of the Act. 4. In view of the aforesaid position, we do not find any merit in the present appeal and the same is dismissed. The substantial question of law is answered in favour of the respondent-assessee and against the appellant-Revenue. No costs. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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