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2021 (10) TMI 414 - AT - Income TaxDeduction u/s.80IA(4)(iv) - As per revenue allowing deduction u/s.80IA(4)(iv) on gross total income by the CIT(Appeal), which in assessee's case includes income from salary, Income from house property and income from other sources whereas as per Section 80IA(1) the said deduction is envisaged out of profit and gains from the eligible business only - HELD THAT:- As decided in CIT Vs. Tridoss Laboratories Ltd. [2010 (2) TMI 486 - BOMBAY HIGH COURT] wherein it has been held that “in computing the total income of the assessee, there is no basis in the provisions of section 80IA to restrict the expression to total income derived from an eligible business. Having regard to the provisions noted above, the submission urged on behalf of the revenue could not accepted.” CIT(Appeal) has also referred the decision of V M Salgaocar & Brothers (P) Ltd [2015 (4) TMI 1108 - BOMBAY HIGH COURT] refereeing to question of deduction u/s.80HHC which is pari material with Section 80IA held that once income had been determined by applying the methodology as provided in Section 80HHC (3), the question of restricting the deduction in terms of Section 80AB would not arise. That Section 80AB(2) the restriction of deduction is on gross total income and in such circumstances, restriction on the total profit of business was not at all justified. This decision of the Hon‟ble Bombay High Court squarely covers the issue in favour of the assessee and in view thereof, the Ld. CIT(Appeal) has provided relief to the assessee. - Decided in favour of assessee.
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