Ita/417/2014 Of Biocon Limited v. The Deputy Commissioner Of Income Tax

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 12[TH|]DAY OF JANUARY 2071PRESENT| THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’‘’BLE MR. JUSTICE NATARAJ RANGASW A ILT.A. NO.417 OF 2014 BETWEEN: BIOCON LIMITED20TH KM, HOSUR ROADELECTRONICS CITY P.O.|BANGALORE-560100 REP. HEREIN BY ITS.DEPUTY GENERAL MANAGER,TAX & COMPLIANCEMR. B. SHIVADUTT.. (BY MR. SURYANARAYANA T, ADVOCATE) .... APPELLAN/ AND* 1.|THE DEPUTY COMMISSIONER OF INCOME TAX LARGE TAXKPAYERS UNIT JSS TOWERS, 100 FEET RING ROAD BANASHANKARI 3RD STAGE. BANGALORE-560085. 2 |THE COMMISSIONER OF INCOME-TA® LTU, JSS TOWERS, 100 FEET RING ROAD. BANASHANKARI 3RD STAGE. BANGALORE-560085. (BY MR. K.V. ARAVIND, ADVOCATE) .., RESPONDENTS| THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX|ACT 1961, ARISING OUT OF ORDER DATED 30.04.2014 PASSEDIN ITA NO.370/BANG/2010 FOR THE ASSESSMENT YEAR 2005-06,PRAYING TQ: | (i) FORMULATE THE SUBSTANTIAL QUESTION OF LAW.STATED ABOVE. (ii) ALLOW THE APPEAL AND SET ASIDE THE ORDER OF THE,ITAT DATED 30.04.2014 IN ITA NO.370/BANG/2010 (ANNEXURE-‘C’) TO THE EXTENT QUESTIONED HEREIN. THIS ILT.A. COMING ON FOR’ HEARING, THIS DAY, |ALOK ARADHE J.,DELIVERED THE FOLLOWING: | JUDGMENT This appeal under Section 260-A of the Income TaxAct, 1961 (hereinafter referred to as ‘the Act’, for short) has|been filed by the assessee. The subject matter of the appealpertains to the Assessment Year 2005-06. The appeal wasadmitted by a Bencn of this Court vide order dated|01.12.2014 on the following substantial questions of law: "1. The Tribunal was right in holding that the|appellant was not entitled to deduction under|Section 35(2AB) of the Act to the extent the|expenses eligible for deduction under tne said|provision pertained to a unit entitled for'deduction under Section 10B of the Act?| 2. Tne Tribunal was right in holding tnat tne|weignted deduction under Section 35(2AB)would not be available to tne appellant wnile computing the income of the unit eligible for|relief under Section 10B of the Act? 3. Tne Tribunal was right in nolding tnat|Section 14A of the Act was applicable to tne|appellant aitnougn it had no exempt income? ~ 2. For the reasons assigned by us in ITA No.416/2014passed today, tne order dated 30.04.2014 insofar as itpertains to the finding that the assessee is not entitled toclaim deduction under Section 35(2AB) of the Act is nerebyquasned. In the result, the appeal is disposed of. Sd/-JUDGE Sd/-JUDGE RV