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TMI Blog2016 (3) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions recognizing deductions under various situations - Such provisions are often times made for a limited period, new deductions are introduced from time to time and old deductions withdrawn - different formulae have been provided for manufacturing exporter and trader and in case of an assessee whose exports comprise of both the sources - at the stage of sub-section (3) of section 80HHC effect of sub-section (9) of section 80IA would apply - clause (baa) to explanation to section 80HHC defines a term 'profits of the business' - While working out the business profits as specified therein, in terms of sub-section (9) of section 80IA the profit or gain which had already been allowed deduction to the extent mentioned therein would have to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the assessee on which 100% deduction allowed under Section 80IB? Learned Counsel for the Revenue correctly points out that in so far as this Court is concerned, such question came up for consideration in the case of Commissioner of Income Tax Vs. M/s. Atul Intermediates, [2015] 373 ITR 638 (Guj.), in which the following observations have been made: 30. We are unable to follow the line of logic adopted by the Bombay High Court in case of Associated Capsules P. Ltd. (supra) that section 80IA(9) of the Act in the context of section 80HHC would operate not at the stage of computation but at the stage of allowing the deduction. In plain terms subsection (9) of section 80IA disentitles an assessee from claiming deduction under any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hstanding anything contained in that section, for the purpose of computing deduction, the amount of income of that nature as computed in accordance with the provisions of the Act shall alone be deemed to be the amount of income of that nature, which is derived or received by the assess, and which is included in his gross total income. The nonobstante expression used in this section is notwithstanding contained in `that section' namely, the section under which the claim of deduction is to be examined. By no means this provision of expression `notwithstanding anything contained in that section' can be used to interpret that section 80HHC of the Act can have no effect of subsection (9) of section 80IA. As noted earlier, if this were so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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