Commissioner Of Income Tax, Shimla v. M/S Ind. Sphinx Precision Ltd., Plot

IN THE HIGH COURT OF HIMACHAL PRADESH, SHIMLA ITAs No.2,15,17,23 & 24 of 2008Reserved on : December 9, 2011. Date of decision: January 13, 2012 ITA No.2 of 2008 Commissioner of Income Tax, Shimla …Appellant. Versus M/s Ind. Sphinx Precision Ltd., Plot No.28, Sector 5, Parwanoo. Through its Managing Director Shri Sunil Taneja. …Respondent. ITA No.15 of 2008 Commissioner of Income Tax, Shimla …Appellant. Versus M/s Ind. Sphinx Precision Ltd., Plot No.28, Sector 5, Parwanoo. Through its Managing Director Shri Sunil Taneja. …Respondent. ITA No.17 of 2008 Commissioner of Income Tax, Shimla …Appellant. Versus M/s Ind. Sphinx Precision Ltd., Plot No.28, Sector 5, Parwanoo. Through its Managing Director Shri Sunil Taneja. …Respondent. ITA No.23 of 2008 Commissioner of Income Tax, Shimla …Appellant. Versus M/s Ind. Sphinx Precision Ltd., Plot No.28, Sector 5, Parwanoo. Through its Managing Director Shri Sunil Taneja. …Respondent. ITA No.24 of 2008 Commissioner of Income Tax, Shimla …Appellant. Versus M/s Ind. Sphinx Precision Ltd., Plot No.28, Sector 5, Parwanoo. Through its Managing Director Shri Sunil Taneja. …Respondent. Coram The Hon’ble Mr. Justice R.B. Misra, Judge. The Hon’ble Mr. Justice Rajiv Sharma, Judge. Whether approved for reporting?[1]For the Appellant: : Mr. Vinay Kuthiala, Advocate. For the Respondents : Mr. M.M. Khanna, Senior Advocate, with Mr. Vayur Gautam, Advocate. Rajiv Sharma, Judge Since common questions of law and facts are involved in all the appeals, the same were taken up together and are being disposed of by a common judgment. 2.Following common substantial question of law was framed in all these appeals: Whether the ITAT was correct in holding that the deduction allowable under clause (iv) of the Explanation to Section 115JB of the Income Tax Act inn determining book profits, is to be computed on the basis of the book profits and not on the basis of profits computed under the provisions of the Act, without appreciating the express language of the provision that requires computation of deduction in accordance with specific provisions of Section 80HHC and in accordance with the provisions of the Act? 3.It is jointly represented by the learned counsel appearing on behalf of the parties that the substantial question of law raised in these appeals is no more res integra, in view of the law laid down by their Lordships of the Hon’ble Supreme Court in Ajanta Pharma Limited versus Commissioner of Income Tax-9, Mumbai, (2010) 9 Supreme Court Cases 455. Consequently, all the appeals are disposed of. ( R.B. Misra ), J. January 13, 2012(sd) ( Rajiv Sharma ), J