M/S.metro Polymers Pvt.ltd v. Deputy Commissioner Of Income-Tax

ast IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1562 OF 2010 M/s.Metro Polymers Pvt.Ltd. Vs.Deputy Commissioner of Income-tax. ....Appellant ....Respondent. Mr. N. Thakkar i/b. Mint and Confreres, advocate for appellant. Ms. Suchitra Kamble, advocate for respondent. CORAM:- J.P.DEVADHAR AND MRS.MRIDULA BHATKAR, JJ. DATED:- FEBRUARY 8, 2011. P.C. 1.Heard Counsel for the parties. 2.Admit on the following questions of law. (a)Whether on the facts and in law the Tribunal erred in denying deduction under section 80IB of the Act with respect to income from DEPB incentives ? (b)Whether profits eligible for deduction under section 80HHC of the Act can be reduced by the amount of deduction allowed under section 80-IB of the Act ? 2.By consent, the appeal is taken up for final hearing forthwith. 3.Counsel for the parties state that first question of law raised in this appeal is covered in favour of the Revenue by the decision of the Apex Court in the case of Liberty India v/s. CIT reported in 317 ITR 218. Accordingly, this question is answered in favour of the revenue and against the assessee. 4.As regards second question is concerned, the Counsel on both sides state that the said question is answered against the revenue by the decision in the case of Associated Capsules Pvt.Ltd. v/s. Dy. Commissioner of Income tax in ITXA No.3036 of 2010 decided on 10[th] January, 2011. Accordingly, the second question is answered in favour of the assessee and against the revenue. 5.Appeal is disposed of accordingly. (MRS.MRIDULA BHATKAR, J.) (J.P.DEVADHAR, J.)