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2015 (5) TMI 481 - HC - Income TaxDeduction under Section 80I - Tribunal holding that deduction under Section 80I is allowable without taking note of the deduction under Section 80HH - Held that:- In respect of the issue of allowability of deduction under Section 80HH and 80I, the ITAT noted the previous decision of the Madhya Pradesh High Court in J.P. Tobacco Products (P) Ltd. v. CIT [1996 (8) TMI 29 - MADHYA PRADESH High Court]. The ITAT also noted that the said decision of the Madhya Pradesh High Court was affirmed by the Supreme Court in Joint Commissioner of Income Tax v. Madideep Engineering and Packaging India (P) Ltd. ( 2006 (4) TMI 75 - SUPREME Court). The said decision was confirmed by a previous judgment of this Court in Commissioner of Income Tax v. SKG Engineering (P) Ltd. (2005 (5) TMI 37 - DELHI High Court) and several other judgments of various High Courts on the issue. - Decided in favour of the assessee. Admissibility of 1/7th of the premium amount payable on redemption of debentures after seven years - Held that:- The issue has been decided for the previous year i.e. 1990-91 by the Division Bench of this Court in [2013 (9) TMI 988 - DELHI HIGH COURT] whereby the appeal of the Revenue has been dismissed. We further notice that for other previous years, the Division Bench of this Court had followed the decision in Commissioner of Income Tax vs. Jagatjit Industries Ltd. (2006 (5) TMI 72 - DELHI High Court) and allowed the 1/7th of the premium amount payable on redemption of debentures after seven years for that particular year. - Decided in favour of the assessee.
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