M/S Navnet Publications Ltd v. The Asstt. Commissioner Of Income

IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (LODG.) NO.470 OF 2011 M/s Navnet Publications Ltd. ....Appellant Mumbai Vs. The Asstt. Commissioner of Income ....RespondentsTax, Circle 7(1), Mumbai & Anr. Mr. Ajay R. Singh, Advocate for Appellant. Ms. Suchitra Kamble, , Advocate for respondents. P.C. CORAM : J.P. DEVADHAR ANDSMT. R.P. SONDURBALDOTA, JJ.DATE : 30TH JUNE, 2011. Though six questions are raised in this appeal, Counsel for the appellant has not pressed the first five questions. The appeal is admitted on the sixth question raised by the appellant, which reads thus: “Whether 90% of foreign exchange fluctuation income should be reduced from the business profits while calculating deduction u/s 80HHC of the Act? ” 2.Counsel for the parties state that the aforesaid question is answered in favour of the assessee by the decision of this Court in the case of Associated Capsules Pvt. Ltd. vs. Deputy Commissioner of Income-Tax And 2 ITXAL: 470/2011 Another, reported in [2011] 332 ITR 42 (Bom.). Accordingly the appeal is allowed by answering aforesaid question in favour of the assessee and against the revenue. The appeal is disposed off. No costs. ( SMT. R.P. SONDURBALDOTA, J. ) (J.P. DEVADHAR, J.)