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TMI Blog2018 (2) TMI 1811X X X X Extracts X X X X X X X X Extracts X X X X ..... 10A/10B of the Act is a complete code providing the mechanism for computing the "profits of the business" eligible for deduction u/s 10B of the Act. Once an income forms part of the business of the income of the eligible undertaking of the assessee, the same cannot be excluded from the eligible profits for the purpose of computing deduction u/s 10B - Decided in favour of the assessee and against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and holding it eligible for the purpose of calculation of deduction under Sections 10A and 10B of the Income Tax Act, 1961? 2. The facts necessary for deciding the case are that the assessee had maintained, at the relevant time, i.e. AY 2005-06, a unit eligible for the benefit of Section 10A of the Income Tax Act, 1961 [hereafter the 1961 Act ] and claimed 2.48 crores as income from othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruling of the Supreme Court on this issue in Liberty India v. CIT 2009 317 ITR 281. 4. This Court in Riviera (supra) held as follows: 15. In the considered view of the Court, the submissions made on behalf of the Revenue proceed on the basic misconception regarding the true purport of the provisions of Chapter VIA of the Act and on an incorrect understanding of Section 80A (4) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right in contending that the decisions of the High Courts referred to above have not noticed the decision of the Supreme Court in Liberty India. The Karnataka High Court in CIT v. Motorola India Electronics Pvt. Ltd. (supra) makes a reference to the said decision. That decision of the Karnataka High Court has been cited with approval by this Court in Hritnik Exports (supra) and Universal Precision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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