The High Court affirmed the Tribunal’s order holding that when the provisions of section 80IB(13) were read in conjunction with section 80IA(9) of the Act, the deduction under section 80HHC of the Act was to be computed on the eligible business profits only after reducing therefrom the profits on which deduction has already been availed of by the assessee under this section, i. e., 80IB, and if an assessee has claimed deduction of profits or gains under section 80IB, deduction to that extent is not to be allowed under section 80HHC, and that the Assessing Officer had been rightly directed to recompute the total income of the assessee keeping in view the provisions of section 80-IB(13) read with section 80-IA(9) of the Act. On a petition for special leave to appeal, order of the High Court was affirmed. (AY. 2001-02)
Broadways Overseas Ltd. v.CIT (2023)453 ITR 774/ 292 Taxman 33 (SC) Editorial : Broadways Overseas Ltd v. CIT (P& H)(HC) (ITA No. 234 of 2009 dt. 22-11 -2013) is affirmed.
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Total income -Eligible profit -Export profit -Deduction under Section 80HHC to be computed on eligible profits only after reducing profits on which deduction availed of under Section 80IB of the Act -Revision was affirmed -Special Leave to appeal of the assessee was dismissed. [S.80HHC, 800IA(9), 80IB(13)]