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TMI Blog2018 (11) TMI 1659X X X X Extracts X X X X X X X X Extracts X X X X ..... sent case. Following the view taken by the Special Bench in Syncome Foundations [ 2007 (3) TMI 288 - ITAT BOMBAY-H] , the Tribunal in the present case came to the conclusion that deduction claimed by the assessee under Section 80- HHE has to be worked out on the basis of adjusted book profit under Section 115-JA and not on the basis of the profits computed under regular provisions of law applicable to computation of profits and gains of business. The judgment of the Tribunal has been upheld by the High Court. - Decided against revenue. Interest u/s 234-D - where it cannot be levied for period prior to 01.06.2003? - HELD THAT:- This question was considered by this Court in the case of CIT vs. M/s.Brakes India Ltd. [ 2018 (9) TMI 1247 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orked out on the basis of the adjusted books profits under section 115JB of the Income Tax Act, 1961 is valid? (ii) Whether on the facts and in the circumstances of the case the Appellate Tribunal was right in law in holding that the interest under Section 234-D cannot be levied for the period prior to 01.06.2003 is valid? 3. The learned Junior Standing Counsel appearing for the Revenue fairly submits that the 1st substantial question of law has been answered against the Revenue in the case of Commissioner of Income Tax vs. Bhari Information Technology Systems Private Limited, (2011) 15 SCC 539 :: (2012) 340 ITR 593. The operative portions of the judgment read as follows:- 4. In the said judgment of the Speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 115-JA and not on the basis of the profits computed under regular provisions of law applicable to computation of profits and gains of business. The judgment of the Tribunal has been upheld by the High Court. 4. Following the decision in Bhari Information Technology Systems Private Limited (supra), the first substantial question of law is answered against the Revenue. 5. The second substantial question of law is with regard to interest under Section 234-D of the Income Tax Act, 1961 where it cannot be levied for period prior to 01.06.2003. This question was considered by this Court in the case of CIT vs. M/s.Brakes India Ltd. (T.C.A No.1419 of 2008: Dated 07.09.2018) and the operative portion of the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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