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TMI Blog2011 (9) TMI 1032X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal for the assessment year 2001-02 preferred by the Assessee is directed against the common order dated 21.1.2010 passed by the ld. CIT(A) for the Assessment Years 2000-01 and 2001-02. 2. Briefly stated facts of the case are that the assessee firm is engaged in the business as Exporter of Readymade Garments, filed return declaring total income at Rs.NIL. However, the assessment was completed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act, 1961 (in short the Act). On appeal, the ld. CIT(A) with regard to the deduction u/s 80IB and 80HHC while following the order of the Tribunal in the case of M/s Gitanjali Chemicals (P) Ltd. V/s ITO in ITA No.1385/Mum/2004 upheld the order of the AO on this account. 3. Being aggrieved by the order of the ld.CIT(A), the assessee is in appeal before us taking the following grounds of app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the material available on record, we find that this issue is squarely covered in favour of the assessee by the judgment of the Hon'ble Jurisdictional High Court in the case of Associated Capsules P. Ltd. V/s DCIT (2011) 332 ITR 42 (Bom.), wherein it has been held by Their Lordships that (Headnote, pages 42 &43): "Section 80-IA(9) of the Income-tax Act, 1961, provides that the deduction to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, it cannot be inferred that section 80-IA(9) was inserted with a view to affect computation of deduction under any other provisions under heading C of Chapter VI-A. Since section 80-IA(9) uses the words "shall not be allowed", the section seeks to restrict the allowance of deduction and not the computation of deduction under any other sections under heading C of Chapter VI-A of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pter VI-A of the Act." 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 is eligible for deduction for both sections 80IB and 80HHC. The AO is directed to allow the same as per decision of the Hon'ble Jurisdictional High Court (supra). The gr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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