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TMI Blog2018 (7) TMI 1845X X X X Extracts X X X X X X X X Extracts X X X X ..... B covers full export profits of 100% as "eligible profits" and the same cannot be reduced to 80% by relying on section 80 HHC(1B) and the argument of the Department that both "eligibility" as well as "deductibility" of the profit have to be considered together for working out the deduction as mentioned in clause (iv) of Explanation to Section 115JB is devoid of merits. As in Ajanta Pharma Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .Usha Rani, Junior Standing Counsel For Respondent : Mr.R.Venkat Narayanan for M/s.Subbaraya Aiyar Padmanabhan JUDGMENT T.S. Sivagnanam, Heard Mr.T.R.Senthil Kumar, learned Senior Standing Counsel assisted by Ms..K.G.Usha Rani learned Junior Standing Counsel for the Revenue and Mr.R.Venkat Narayanan, learned counsel appearing for the respondent. 2. This appeal by the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Act for the assessment year 1999-2000? 4. The Tribunal decided the matter in favour of the assessee and in doing so, relied upon the decision of the Special Bench of the Mumbai Tribunal in the case of DCIT v. Syncome Formulations (I) Ltd. and others reported in 292 ITR 144 (AT) wherein, it was held that computation has to be done under the book profits and not under the normal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration. Further, we note that the decision of the said fact in Syncome Formulations (I) Ltd. (cited supra) was considered by the Hon'ble Supreme Court along with other decisions and the decision of the Tribunal was confirmed in the case of Commissioner of Income Tax v. Bhari informations Technology System (P) Limited reported in 2012(340) ITR 0593. 7. In the light of the aforesai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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