9911796707
TMI Blog2015 (1) TMI 1458X X X X Extracts X X X X X X X X Extracts X X X X ..... e reliance is placed by the Tribunal and held section 80A(2) and section 80B(5) are declaratory in nature. They apply to all the Sections falling in Chapter VI-A. They impose a ceiling on the total amount of deduction and, therefore the non-obstante clause in Section 80-I(6) cannot restrict the operation of Sections 80A(2) and 80B(5) which operate in different spheres. As observed earlier Section 80-I(6) deals with actual computation of deduction whereas Section 80-I(1) deals with the treatment to be given to such deductions in order to arrive at the total income of the assessee and, therefore while interpreting Section 80-I(1), which also refers to gross total income one has to read the expression 'gross total income' as defined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) has held the profits of the eligible units have to be computed without the loss from the rearing division being adjusted against the same and he held that the assessee was right in quantifying deductions in respect of Section 80-IB without adjusting the loss of ₹ 39,75,115/- against the profit of ₹ 1,63,84,963/- in the eligible unit. Thus he allowed the appeal. Aggrieved by the said order, the revenue is in this appeal. 4. The substantial question of law that arises for our consideration is as under: Whether the Tribunal was correct in holding that the Commissioner was not correct in exercising jurisdiction u/S. 263 of the Act in proceeding to hold that a sum of ₹ 39,17,115/- loss sustained in the rearing divis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was the only source of income. However, section 80A(2) and section 80B(5) are declaratory in nature. They apply to all the Sections falling in Chapter VI-A. They impose a ceiling on the total amount of deduction and, therefore the non-obstante clause in Section 80-I(6) cannot restrict the operation of Sections 80A(2) and 80B(5) which operate in different spheres. As observed earlier Section 80-I(6) deals with actual computation of deduction whereas Section 80-I(1) deals with the treatment to be given to such deductions in order to arrive at the total income of the assessee and, therefore while interpreting Section 80-I(1), which also refers to gross total income one has to read the expression 'gross total income' as defined in Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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