The Commissioner Of Income Tax – 6, Mumbai v. M/S.gitanjali Chemicals Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.574 OF 2007 The Commissioner of Income Tax – 6, Mumbai..Appellant. Versus M/s.Gitanjali Chemicals Private Limited..Respondent. Mr.Suresh Kumar for the appellant.Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar & Mrs.Mridula Bhatkar, JJ. P.C. : DATE : 11[th] January, 2011. 1.This appeal was admitted on 23[rd] September 2008 on the following substantial questions of law : “a)Whether on the facts and circumstances of the case and in law, the Tribunal was justified in holding that the deduction under Section 80HHC and Section 80IB are computed first and be allowed one after the other ? b)Whether on the facts and circumstances of the case and in law, the Tribunal has erred in not holding that “profit of business” for the purpose of Section 80HHC deduction has to be arrived at after deducting the deduction under Section 80IB ? 2.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 Appeal is 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.)