9911796707
TMI Blog2022 (12) TMI 1555X X X X Extracts X X X X X X X X Extracts X X X X ..... rim orders in the case of Tata Sons Private Limited [2022 (3) TMI 1627 - BOMBAY HIGH COURT] and [2022 (11) TMI 1542 - BOMBAY HIGH COURT] where in view of the inability of the software to permit the petitioner therein to make a particular claim, this court had granted ad-interim relief to petitioner to file paper return of income subject to final outcome of the petition. Similar appears to be the case here. Issue notice to the respondents. Waives service of notice on behalf of the respondents. The respondents may file reply within a period of six weeks from today with an advance copy to the other side. List on 27th January, 2023. Pending the hearing and the final disposal of this petition, the petitioner is permitted to file paper return o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome is positive and it is not the income under the head "profits and gains" from business. Learned senior counsel draws the attention of the court to paragraph 12 of the decision which is quoted as under :- "12. The import of section 80-IA is that the 'total income' of an assessee is computed by taking into account the allowable deduction of the profits and gains derived from the 'eligible business'. With respect to the facts of this Appeal, there is no dispute that the deduction quantified under section 80-IA is Rs. 492,78,60,973/-. To make it clear, the said amount represents the net profit made by the Assessee from the 'eligible business' covered under sub-section (4), i.e., from the Assessee's business unit involved in generation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "Section 80-IE - (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking, to which this section applies, from any business referred to in subsection (2), there shall be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business for ten consecutive assessment years commencing with the initial assessment year." (Emphasis supplied) 5. Prima facie therefore we are of the view that even if petitioner does not have positive income under the head "profits and gains" from business but the Gross Total Income is in the positive, then petitioner should be permitted to file its return. 6. Mr. Pardiwa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
