Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 304 - HC - Income TaxDeduction u/s 80HHC - deduction in the case of MAT assessment is to be worked out on the basis of profit computed under regular provisions of law applicable to computation of profit and gains of business or profession - whether Tribunal is right in law in holding that in computing book profit under Section 115JB of the Act, the deduction under Section 80HHC should be limited to 30% of profit from export business, as provided under Section 80HHC(1B)? - HELD THAT:- The substantial questions of law, which have been framed for consideration, have been answered against the Revenue by the Hon'ble Supreme Court in the case of Ajanta Pharma Ltd. vs. Commissioner of Income-Tax [2010 (9) TMI 8 - SUPREME COURT]. The said decision was followed by a Division Bench of this Court in the case of CIT vs. M/s. Bannari Amman Sugars Ltd. [2018 (7) TMI 1845 - MADRAS HIGH COURT] to which one of us (TSSJ) was a party as held as held that computation has to be done under the book profits and not under the normal computation.
|