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2018 (7) TMI 1845 - MADRAS HIGH COURTEntitled to deduction under 80HHC on the book profits u/s 115JA/JB - MAT computation - Held that:- Hon'ble Supreme Court in the case of Ajanta Pharma Ltd. v. Commissioner of Income Tax [2010 (9) TMI 8 - SUPREME COURT] held that clause (iv) of Explanation to Section 115JB covers full export profits of 100% as "eligible profits" and the same cannot be reduced to 80% by relying on section 80 HHC(1B) and the argument of the Department that both "eligibility" as well as "deductibility" of the profit have to be considered together for working out the deduction as mentioned in clause (iv) of Explanation to Section 115JB is devoid of merits. As in Ajanta Pharma Ltd.[2010 (9) TMI 8 - SUPREME COURT] applies to the case on hand as identical question has been framed for consideration. Further, we note that the decision of the said fact in Syncome Formulations (I) Ltd. [2007 (3) TMI 288 - ITAT BOMBAY-H] was considered by the Hon'ble Supreme Court along with other decisions and the decision of the Tribunal was confirmed in the case of Commissioner of Income Tax v. Bhari informations Technology System (P) Limited [2011 (10) TMI 19 - SUPREME COURT OF INDIA]. Substantial questions of law, which have been framed for consideration is answered against the Revenue.
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