The Paper Products Limited, Mumbai v. Dy. Commissioner Of Income Tax 3(2), Mumbai & Anr

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3689 OF 2010 ANDINCOME TAX APPEAL NO.3690 OF 2010 The Paper Products Limited, Mumbai Versus Dy. Commissioner of Income Tax 3(2), Mumbai & Anr. ..Appellant. ..Respondents. Mr.Atul K. Jasani 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 the profits eligible for deduction under Section 80HHC of the Act can be reduced by the amount of deduction allowed under Section 80IB of the Act ? b)Assuming without admitting that such reduction is to be carried out, whether the Tribunal ought to have held that such reduction should be restricted to the amount of export profits comprised in the income eligible for deduction under Section 80IB of the Act ? 2.In so far as first question is concerned, learned counsel on both the sides state that the same has 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.In so far as second question is concerned, the learned Counsel for the Appellant states that in view of answer to first question, the second question has become infructuous and hence need not be answered. 4.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.)