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2009 (4) TMI 419 - HC - Income TaxExport - Special Deduction - The assessee company, engaged in the business of computer training, overseas consultancy and software development, filed its return of income under regular computation of income u/s 115JA of the Act. The Assessing Officer notice that though there was no profit available to the assessee, after setting off brought forward loss of the earlier years, the assessee had claimed deduction under section 80HHC against the book profit and offered the balance book profit for taxation under section 115JA. Therefore, the Assessing officer held that the relief under section 80HHC only be calculated on the actual profits not o the book profits. The Commissioner (Appeals) confirmed the order of the Assessing Officer. The Tribunal held that the computation of deduction u/s 80HHC of the Act was to be worked out on the basis of the adjusted book profits u/s 115JA only and not in the profit arrived at on the regular basis. Held that - Tribunal was right in allowing deduction u/s 80HHC on the basis of book profits u/s 115JA and not on the basis of eligible pofits u/s 80HHC as per normal computation.
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