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2015 (1) TMI 1458 - KARNATAKA HIGH COURTRevision u/s 263 - deduction u/s 80-IB is different on the gross amount after adjusting the loss - HELD THAT:- Though, the word used in business at Section 80-IB, the careful reading makes it clear that, business has to be understood with reference to the business referred in Sections 3 and 2 of the 11(a) and 11(b) where the reference is to industrial undertaking only. In substance it makes no difference. The judgment of the Apex Court in the case of Synco Industries Ltd. V. Assessing Officer (Income-Tax) And Another [2008 (3) TMI 13 - SUPREME COURT] squarely applies to the facts of this case, on which, the reliance is placed by the Tribunal and held section 80A(2) and section 80B(5) are declaratory in nature. They apply to all the Sections falling in Chapter VI-A. They impose a ceiling on the total amount of deduction and, therefore the non-obstante clause in Section 80-I(6) cannot restrict the operation of Sections 80A(2) and 80B(5) which operate in different spheres. As observed earlier Section 80-I(6) deals with actual computation of deduction whereas Section 80-I(1) deals with the treatment to be given to such deductions in order to arrive at the total income of the assessee and, therefore while interpreting Section 80-I(1), which also refers to gross total income one has to read the expression 'gross total income' as defined in Section 80B(5).
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