COURT: |
|
CORAM: |
|
SECTION(S): |
|
GENRE: |
|
CATCH WORDS: |
|
COUNSEL: |
|
DATE: |
(Date of pronouncement) |
DATE: |
February 8, 2012 (Date of publication) |
AY: |
|
FILE: |
|
CITATION: |
|
|
For s. 115JA/JB s. 80HHC deduction to be computed as per P&L Profits & not normal provisions
In computing “book profits” u/s 155JA & 115JB, the assessee claimed that the deduction admissible thereunder u/s 80HHC had to be computed on the basis of the “book profits” and not on the basis of the income computed under the normal provisions of the Act. This claim was upheld by the Tribunal by relying on the judgement of the Special Bench in DCIT vs. Syncome Formulations 106 ITD 193. On appeal by the Revenue, the High Court (233 CTR 443 (Bom)) reversed the Tribunal. On appeal by the assessee, HELD reversing the High Court:
In view of this Court’s Order in the case of CIT vs. Bhari Information Technology Systems upholding the judgment of the Special Bench of Tribunal in DCIT vs. Syncome Formulations (I) Ltd 106 ITD 193, the impugned judgment of the High Court is set aside and the judgments of the ITAT in these cases stand affirmed.
Related Posts:
- PCIT vs. M. J. Exports Pvt. Ltd (Bombay High Court) All this effort and time would have been saved if the Tribunal had made specific reference to contrary decisions or not stated so in the absence of referring to the citations. Therefore, we would request the Tribunal to be specific about the decisions and make a mention of the citation…
- Usha Exports vs. ACIT (Bombay High Court) The reasons also refer to a decision of the Supreme Court in the case of M/s.N.K.Proteins Ltd. (2017-TIOL-23-SC-IT v. DCIT ). Even this decision was before the Assessing Officer in the proceeding pursuant to first reopening notice. The Petitioner, along with its objections, placed explanatory note as to how the…
- In Re: Guidelines For Court Functioning Through Video Conferencing During Covid-19 Pandemic (Supreme… Every individual and institution is expected to cooperate in the implementation of measures designed to reduce the transmission of the virus. The scaling down conventional operations within the precincts of courts is a measure in that direction. Access to justice is fundamental to preserve the rule of law in the…
- Raj Pal Singh vs. CIT (Supreme Court) For chargeability of income-tax, the income ought to have either arrived or accrued. In the matter of acquisition of land under the Act of 1894, taking over of possession before arrival of relevant stage for such taking over may give rise to a potential right in the owner of the…
- UOI vs. P. D. Sunny (Supreme Court) There shall be ex-parte ad-interim stay of the impugned judgment and order(s) passed in the aforesaid writ petitions and of further proceedings before the High Court(s), in view of the stand taken by the Government of India through learned Solicitor General, before us, that the Government is fully conscious of…
- Ramnath & Co vs. CIT (Supreme Court) The principles laid down by the Constitution Bench in Dilip Kumar (2018) 9 SCC 1, when applied to incentive provisions like those for deduction, would also be that the burden lies on the assessee to prove its applicability to his case; and if there be any ambiguity in the deduction…
Leave a Reply