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2021 (8) TMI 480 - HC - Income TaxDeduction u/s 80 HHC - separate books of account are maintained with respect to export and other units - Whether Tribunal was right in holding that the assessee is entitled for deduction u/s 80 HHC by reckoning with the profit of the export unit alone and ignoring the losses of the other units without considering the decision of the Apex Court in the case of Ipca Laboratories [2004 (3) TMI 9 - SUPREME COURT] - HELD THAT:- As the facts of the case in Ipca Laboratories Ltd. were entirely different and couched in a different manner and there was no separate account maintained as in the case on hand. This factual position has been clearly brought out by the Commissioner of Income Tax (Appeals) in the order dated 10.09.2008 and the fact that the assessee was maintaining separate Books of Accounts for the export unit and the trading division, has not been disputed by the Assessing Officer. In such circumstances, the decision in the case of Chamundi Textiles (Silk Mills) Ltd. [2012 (6) TMI 317 - MADRAS HIGH COURT] would clearly apply to the facts and circumstances of the case on hand. - Decided against revenue. Addition u/s 40A(3) - cash payments made towards the purchase of shrimp feed - HELD THAT:- Commissioner of Income Tax (Appeals) considered the legal issue and found that, what was purchased was undoubtedly a fish or fish product, which will fall within the scope of Rule 6DD(f)(iii) and if it is so, no disallowance under Clause (a) of Sub-Section (3) of Section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under Clause (b) of Sub-Section (3) of Section 40A. This aspect has been factually brought out by the Commissioner of Income Tax (Appeals) as well as the Tribunal. - Decided against revenue.
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