Ipca Laboratories Limited, Mumbai v. The Asstt. Commissioner Of Income Tax,Central Circle – 13, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2185 OF 2010 IPCA Laboratories Limited, Mumbai..Appellant. Versus The Asstt. Commissioner of Income Tax,Central Circle – 13, Mumbai..Respondent. Mr.Atul K. Jasani for the appellant.Mr.Vimal Gupta for the respondent. CORAM : J.P. Devadhar & Mrs.Mridula Bhatkar, JJ. P.C. : DATE : 11[th] January, 2011. 1.This appeal was admitted on 23[rd] August 2010 on the following substantial questions of law : a)Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in taking the view that the appellant was entitled to deduction under Section 80HHC of the Act on the total income after excluding the deduction available under Section 80IB of the Act ? b)Whether on the facts and in the circumstances of the case and in law, the Tribunal ought to have held that the appellant was entitled to deduction under Section 80HHC of the Act on the gross total income without reducing it by the deduction allowed under Section 80IB of the Act ? c)Whether on the facts and in the circumstances of the case and in law, the Tribunal ought to have held that the provisions of section 80IB(13) read with section 80IA(9) had no application to section 80HHC of the Act and that the appellant is entitled to full deduction under Section 80HHC and 80IB of the Act, subject to its gross total income ? d)Whether on the facts and in the circumstances of the case and in law the Tribunal erred in taking the view that the export incentives by way of rebate of excise duty received on export of goods and DEPB received by virtue of exports of goods were not income derived from industrial undertaking and thereby not eligible for deduction under Section 80IB of the Act ? 2.In so far as first three questions are concerned, learned counsel on both the sides state that the same have already been answered by this Court in the case of Associated Capsules Private Limited V/s. Dy. Commissioner of Income Tax (Income Tax Appeal No.3036 of 2010) decided on 10th January 2011 in favour of the assessee and against the Revenue. 3.In so far as fourth question is concerned, learned counsel on both the sides state that the same has already been answered by this Court in the case of Liberty India V/s. Commissioner of Income Tax reported in [2009] 317 ITR 218 (SC) in favour of the Revenue and against the assessee. 4.The Appeal is disposed off accordingly with a direction to the Tribunal to re-compute the deduction in the light of aforesaid decision of this Court. No order as to costs. (Mrs.Mridula Bhatkar, J.) (J.P. Devadhar, J.)