9911796707
TMI Blog2007 (2) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-2007 - JUDGMENT The judgment of the court was delivered by P. D. DINAKARAN J.— The above tax case appeal is directed against the order of the Income-tax Appellate Tribunal in I. T. A. No. 2299/Mds/2001 dated October 4, 2001, raising the following substantial questions of law: "1. Whether, on the facts and circumstances of the case, the Tribunal was justified in law in directing relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relief under section 80HHC(3)(a). The assessee claimed the relief under section 32AB including therein the interest income which is not part of business income. The Assessing Officer excluded the interest income from the computation of relief under section 32AB. On appeal. at the instance of the assessee, the Commissioner of Income-tax (Appeals) dismissed the appeal by his order dated July 31, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that there was no warrant for disallowing any portion of the export earnings pro rata by invoking clause (b) of sub-section (3) of section 80HHC of the Income-tax Act, 1961, and the purpose of the clause was to disallow a part of the allowance under that section only when the entire deduction claimed could not be regarded as being relatable to exports. 4 With regard to the second question o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vito the Companies Act is required to be made after taking into account all the activities of the assessee governed by the Companies Act, as the profit and loss account required to be drawn up by a company must necessarily reflect all the income and all the expenditure incurred by the company in that year. Section 32AB does not require the profit for the purpose of section 32AB(1) to be calculate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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