2021 (12) TMI 823

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..... USTICE S.V.BHATTI AND THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS APPELLANTS: SRI.P.K.R.MENON, SR.COUNSEL, GOI(TAXES) AND SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENTS: SR. ADV.JOSEPH MARKOS, SRI.JOSEPH KODIANTHARA AND SRI.TERRY V.JAMES JUDGMENT S.V. Bhatti, J. Heard learned Standing Counsel Mr.Jose Joseph and learned Senior Advocate Mr. Joseph Markos for the parties. 2. Commissioner of Income Tax, Cochin/Revenue is the appellant. M/s. G T N Industries Ltd./assessee is the respondent. 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 file .....

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..... computation of book profits under section 115JB to work out the eligible deduction for the purpose of section 80HHC benefit against law and the intendment of the legislature? 4. Whether, on the facts and in the circumstances of the case and in the light of the decision of the supreme Court in 295 ITR 228 and other cases of the Supreme Court, the decision of the Kerala High Court is correct and in accordance with law and the Tribunal is right in relying on the same? 5. Whether, on the facts and in the circumstances of the case, 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 question .....

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..... ions (4) and (4A) of that section) to obliterate the difference between eligibility and deductibility of profits as contended on behalf of the Department. For the above reasons, we set aside the impugned judgment of the High 11 Court and restore the judgment of the Tribunal. Accordingly, the civil appeal of the assessee is allowed with no order as to costs. Civil Appeal No.6901 of 2012 [Arising out of S.L.P. (C) No.22881/2011 The civil appeal filed by the assessee is allowed in view of the judgements of this Court in the case of Ajanta 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. .....

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