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2014 (6) TMI 178 - AT - Income TaxAllowability of deduction u/s 80HHC of the Act – Deduction u/s 80IB of the Act not deducted – Held that:- Following The Asstt. Commissioner of Income-Tax Versus M/s. Transasia Bio-Medicals Limited [2014 (5) TMI 987 - ITAT MUMBAI] - the reasonable construction of section 80-IA(9) would be that where the deduction is allowed u/s 80-IA(1), then the deduction computed under other provisions under heading C of Chapter VI-A have to be restricted to the profits of the business that remain after excluding the profits allowed as deduction u/s 80-IA, so that the total deduction allowed under the heading C of Chapter VI-A does not exceed the profits of the business – thus, the assessee is eligible for deduction u/s 80HHC of the Act – Decided against Revenue.
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