M/S.pidilite Industries Limited v. The Commissioner Of Income Tax, Central – Iv & Others

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2624 OF 2010 ANDINCOME TAX APPEAL NO.2625 OF 2010 M/s.Pidilite Industries Limited Versus The Commissioner of Income Tax, Central – IV & Others ..Appellant. ..Respondents. Mr.Jas Sanghvi i/by PDS Legal for the appellant.Mr.P.S. Sahadevan for the respondents. CORAM : J.P. Devadhar & Mrs.Mridula Bhatkar, JJ. P.C. : DATE : 11[th] January, 2011. 1.These appeals were admitted on 23[rd] August 2010 on the following substantial questions of law : a)Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the deduction of profit and gains allowed under Section 80IA / 80IB had to be deducted from the profits and gains of the appellant’s business on which deduction under Section 80HHC of the Act had to be computed ? b)Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in following the decision of the Five Member Special Bench of the Appellate Tribunal in the case of ACIT Vs. Hindustan Mint ? Learned counsel on both the sides state that the aforesaid questions of law have already been answered by this Court in the case of Associated Capsules Private Limited V/s. Dy. Commissioner of Income Tax (Income Tax Appeal No.3036 of 2010) decided on 10th January 2011 in favour of the assessee and against the Revenue. 3.The Appeals are disposed off accordingly with a direction to the Tribunal to re-compute the deduction in the light of aforesaid decision of this Court. No order as to costs. (Mrs.Mridula Bhatkar, J.) (J.P. Devadhar, J.)