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2014 (11) TMI 562 - HC - Income TaxGross total income as per 80-A would get precedence over deduction u/s. 32AB or not - Whether the Tribunal was right in holding that various deductions under Chapter VI-A with reference to gross total income as per 80-A would get precedence over deduction u/s. 32AB admissible with reference to such ‘income chargeable under the head profits and gains of business or profession’ – Held that:- As decided in Motilal Pesticides (I.) Pvt. Ltd. Versus Commissioner of Income-Tax [2000 (2) TMI 9 - SUPREME Court] deduction u/s 32AB is to be given first and deduction u/s 80HHC is to be given - in view of the provision, deduction is required to be made on the net income - Section 32AB deduction is to be given first and Section 80HHC deduction is to be given subsequently - Decided in favour of revenue. Whether the Tribunal was right in holding that an unsigned audit report filed in the course of assessment proceedings can be taken note of, even though not filed along with return of income as required by law – Held that:- in CIT VS. Gujarat Oil and Allied Industries [1992 (9) TMI 67 - GUJARAT High Court] - the mere non-filing of the auditors' report along with the return of income, the assessee does not stand to gain anything nor does the Revenue stand to lose, as even after the return is filed, it is obvious that it may take time before the Income-tax Officer applies his mind to the merits of the return, when he sits down to frame the assessment - the requirements of Section 80J(1) read with subsection (6A) can be taken into consideration - the main purpose and object of section 80J(1) is to give incentive and development benefit to the new industries covered by the provisions of the Act - the word ‘shall’ as employed by the Legislature in sub-section (6A) of Section 80J(1) will have to be read as ‘may’ – Decided in favour of revenue.
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