The Commissioner Of Income Tax-6 v. M/S.madaus Pharmaceuticals P. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2569 OF 2010 The Commissioner of Income Tax-6 Vs. M/s.Madaus Pharmaceuticals P. Ltd. .... Mr. Suresh Kumar for the Appellant.Mr. S.P. Mehta for the Respondent. ..... ..Appellant. ..Respondent. CORAM : DR.D.Y.CHANDRACHUD &J.P.DEVADHAR, JJ. 26 July 2010. P.C. : The appeal is admitted on the following substantial question of law : “Whether in the facts and circumstances of the case and in law, the Tribunal was justified in allowing the assessee’s alternate claim in allowing deduction u/s. 80HHC on book profit of Rs.5,21,52,160/- being deemed total income u/s 115JB, by relying on the decision of the Tribunal in the case of DCIT vs. Syncome Formulations (I) Ltd. 106 ITD 193 (Mum)(SB);” The Revenue is in appeal under Section 260-A of the Income Tax Act 1961 against an order of the Income Tax Appellate Tribunal dated 27 April 2009. The appeal pertains to Assessment Year 2004-05. At the hearing of the appeal, it is common ground between learned counsel appearing on behalf of the Appellant and counsel appearing on behalf of the assessee that the issue raised in the appeal would stand covered in favour of the Revenue and against the assessee by the judgment of this Court dated 8/9 July 2010 in the Commissioner of Income Tax v. Al-Kabeer Exports Limited (ITXA 2619 of 2010). In view of the statement which has been made on behalf of the Revenue and the assessee by the learned counsel, the question of law as formulated would stand answered in favour of the Revenue and against the assessee in terms of the law laid down by this Court in Al-Kabeer Exports (supra). The appeal is accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)