Tarak Chemicals P. Ltd. Mumbai v. The Asstt. Commissioner Of Income Tax Range-2(3

K IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4094 OF 2010 Tarak Chemicals P. Ltd. Mumbai .. Appellant Vs. The Asstt. Commissioner of Income Tax Range-2(3).. Respondent. Mr. Sameer G. Dalal for the Appellant. Mr. Vimal Gupta for the Respondent. CORAM: J.P. DEVADHAR & K.K. TATED, JJ.DATE: 14TH OCTOBER, 2011. P.C. 1Heard. Admit on the following question of law: Whether, in the facts and in the circumstances of the case, and in law, the Tribunal was right in holding that the Appellant was not entitled to reduce the amount of Rs.47,37,055/-, being the amount of eligible deduction computed under sub section (3) and (3A) of section 80 HHC of the Act, from the book profit as computed under the provisions of section 115 JB of the Income Tax Act, 1961? 2Counsel for the parties state that said question is answered in favour of the Assessee by the decision of the Apex Court in the case of Ajanta Pharma Ltd. vs. Commissioner of Income Tax reported in [2010] 327 ITR 305 (SC). Accordingly, the Appeal is allowed by answering the question in favour of the Assessee. (J.P. DEVADHAR, J.) (K.K. TATED, J.)