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TMI Blog2021 (12) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... . The appeal is directed against the order of Income Tax Appellate Tribunal (for short 'Tribunal'), Cochin Bench in ITA No.37/Coch/2008 dated 27.02.2009. The appeal deals with the issues arising from the tax return filed by the assessee for the Assessment Year 2004-05. 3. The Assessing Officer through the assessment order in Annexure-A, disallowed the claim of the assessee under Section 80HHC of the Income Tax Act (for short 'the Act'). The assessee filed appeal before the Commissioner of Income Tax (Appeals) and the appeal was allowed in part. The Revenue filed appeal before the Tribunal and the Tribunal through order in Annexure-C dismissed the appeal. Hence, the instant Tax Appeal at the instance of the Revenue under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Tribunal is right in law- i. in holding that section 234D is not retrospective in operation; ii. is deciding the issue relating to section 234D in favour of the assessee? 4. The substantial questions of law raised in the appeal relate to eligibility of profits and deductibility of profits arising under Section 115JB of the Act; whether the assessee is entitled to claim deduction under Section 80HHC. 5. The learned counsel appearing for the parties have invited the attention of this Court to the reported judgments in Ajanta Pharma Ltd. v. Commissioner of Income-Tax [2010] 327 ITR 305 (SC), order of the Supreme Court in Kerala Chemicals and Proteins Ltd v. Commissioner of Income Tax Civil Appeal No.6901/2012, arising out of SLP(C) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nta Pharma Limited vs. 327 I.T.R. Commissioner of Income Tax, 305 and Commissioner of reported in [2010] Income Tax vs. Bhari Information Tech. Sys. P. Ltd., reported in [2012] 340 I.T.R. 593. Bhari Information Tech.Sys.P.Ltd. "In the present case, we are concerned with section 80HHE which is referred to in the Explanation to section 115JA, clause (ix). In our view, the judgment of the Special Bench of the Tribunal in Syncome Formulations¹ squarely applies to the present case. Following the view taken by the Special Bench in Syncome Formulations, the Tribunal in the present case came to the conclusion that deduction claimed by the assessee under section 80HHE has to be worked out on the basis of adjusted book profit under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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