9911796707
TMI Blog2004 (9) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... he alleged ground that any disallowance under section 43B is notwithstanding and, therefore, cannot be subjected to deduction under section 80P. The Commissioner (Appeals) has confirmed the action of Assessing Officer by stating that if the interpretation adopted by the appellant in written submissions is accepted the provisions of section 43B becomes redundant, such interpretation is to be avoided while interpreting the statute. The Commissioner (Appeals) is not justified in stating so, because straight deduction is available under section 80P (which is covered by chapter VIA) on the gross total income computed after all additions/disallowances. (ii) It is prayed that the appellant bank be allowed straight deduction under section 80P on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction could have been claimed with respect to these amounts. The amount of deduction under section 80P was accordingly reduced. Not satisfied with the Assessing Officer's action, the assessee went in appeal before the learned CIT(A),who observed that section 43B superseded section 80P and hence the additions made by the Assessing Officer were rightly not eligible for deduction under section 80P. 4. Before us, the learned Counsel for the assessee strongly contested the finding of the first appellate authority by stating that the deduction under section 80P was liable to be granted on the additions and disallowances made under sections 36(1)(va) and 43B. He referred to the decision of the Hon'ble Bombay High Court in the case of CIT v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0P, unlike a specific meaning having been assigned to the term 'profits of the business' in section 80HHC and section 80HHF vide Clause (baa) of the Explanation below section 80HHC(4C) and clause (f) of the Explanation below section 80HHF(6). Their Lordships of the Hon'ble Bombay High Court in the aforenoted decision took the view that the expression 'the amount of profit and gains' used in subsection (2) of section 80P must mean an income as computed under section 29 of the Act. In the absence of any contrary decision having been brought to our notice by the learned DR, we will proceed with the case by adopting the meaning of the said expression as taken note of in this judgment. 5.1 Section 14 provides that all income for the purposes o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and gains of business' and the whole of that amount qualifies for deduction under section 80P. 5.2 Now we will deal with the contention put forth by the learned DR that the CIT (Appeals) had rightly not accepted the assessee's claim by holding that section 43B opens with the expression 'Notwithstanding anything to the contrary contained in any other provision of this Act' and hence the provisions of section 43B are overriding any other provisions of the Act including section 80P. It is true that the non obstante clause is contained in this section but the same is required to be read harmoniously with the words following. When so read the language of the sections turns out to be "Notwithstanding anything contained any other provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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