Itxa/2635/2011 Of The Commissioner Of Income Tax -10 v. Godrej Industries Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2635 OF 2011 The Commissioner of Income Tax-10, Mumbai ..Appellant. V/s. M/s. Godrej Industries Ltd. ..Respondent. Mr. Tejveer Singh for the appellant. Mr. F.V. Irani with A.K. Jasani for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATED : 15TH MARCH, 2013 P.C. :- 1.In this appeal by the revenue for the assessment year 2004-05, following questions of law are raised for our consideration :- a)Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in directing allowance of deduction u/s.80HHC, in computing deduction u/s.115JB, notwithstanding the fact that the assessee is not eligible for any deduction thereof, due to lack of profits for the relevant assessment year ?law, the Tribunal erred in directing allowance of deduction u/s.80HHC, in computing deduction u/s.115JB, notwithstanding the fact that the assessee is not eligible for any deduction thereof, due to lack of profits for the relevant assessment year ? b)Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in following the CIT(A)'s order in law, the Tribunal erred in following the CIT(A)'s order in itxa2635-11 computing book profit u/s.115JB of the Act, the deduction of Rs.5,71,10,095/- will be allowed, even though there was no profits eligible for deduction u/s.80HHC in the regular computation of the income, contrary to the basic provisions of Section 80HHC of the Act ? 2.Counsel for the parties state that the issues arising herein are covered in favour of the assessee and against the revenue by the decision of the Apex Court in the matter of CIT V/s. Bhari Information Tech. Sys. P. Ltd. reported in [2012] 340 ITR 593 (SC) and by the order dated 3[rd] February, 2012 in the matter of Al-Kabeer Exports Ltd. V/s. CIT-3, Mumbai. In the matter of Al-Kabeer Exports Ltd. (supra), the order of the Special Bench of Tribunal in the case of Deputy Commissioner of Income Tax V/s. Syncome Formulations (I) Ltd. was upheld. The impugned order while allowing the claim of the respondent-assessee had followed the Special Bench decision of the Tribunal in the matter of Syncome Formulations (I) Ltd. (supra). In that view of the matter, we see no reason to entertain the proposed questions of law. 3.Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)