Kebra Extrusion Technik Ltd v. Addl. Commissioner Of Income Tax-8(2

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.46 OF 2009 Kebra Extrusion Technik Ltd. Vs. Addl. Commissioner of Income Tax-8(2). ..... Mr.Atul K.Jasani for the Appellant.Mr. J.S. Saluja for the Respondent. ... Appellant. ...Respondent. CORAM : DR. D.Y.CHANDRACHUD &J.P. DEVADHAR, JJ. 18[th] January, 2010. P.C.: The appeal was admitted on the following substantial questions of law : “(a) Whether for the purposes of allowing deduction under Chapter VI-A (in the present case section 80-IA of the Act, the income eligible for deduction is required to be reduced by the amount of depreciation allowable even though the assessee has disclaimed the same for the purposes of regular assessment which position has been accepted by the Revenue? -(b)If the answer to question (a) is in the affirmative, whether the Appellant should be allowed a deduction by way of depreciation while computing the profits and gains of business?” Counsel appearing on behalf of the Assessee states that the aforesaid questions are covered in favour of the Revenue and against the assessee, by the judgment of the Full Bench in Plastiblends India Ltd. vs. ACIT, (2009) 318 ITR 352. In the circumstances, the questions of law shall stand answered in favour of the Revenue and against the assessee, in terms of the judgment of the Full Bench. The appeal shall stand disposed of. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)