TMI Blog2011 (2) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt reported in AJANTA PHARMA LTD., v. CIT (2010 -TMI - 77381 - SUPREME COURT), there is no scope to entertain this appeal - Appeal is dismissed. - 1415 of 2010 - - - Dated:- 1-2-2011 - Mr. Justice F.M. IBRAHIM KALIFULLA, Mr. Justice N. KIRUBAKARAN, JJ. For Petitioner : Mr. J.Naresh Kumar JUDGMENT F.M. IBRAHIM KALIFULLA, J. The revenue has come forward with this appeal and seeks to raise the following question of law as substantial question of law: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that, disallowance deduction under Section 80HHC in a case of MAT assessment is to be worked out on the basis of the adjusted books profits under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Standing Counsel that against the decision of this Court referred to above, the Bombay High Court took a contrary view in the decision reported in 318 ITR 252 (BOM.) (CIT v. AJANTA PHARMA LTD.), which came to be again distinguished by this Court in the decision reported in 321 ITR 448 (CIT v. AMBIKA COTTON MILLS LTD). Subsequently, it is stated that the decision reported in 318 ITR 252 (CIT v. AJANTA PHARMA LTD.), of the Bombay High Court came to be set aside by the Honourable Supreme Court in the decision reported in 327 ITR 305 (AJANTA PHARMA LTD., v. CIT). 4. Before the Honourable Supreme Court, the question of law framed for consideration was as under:- "Whether for determining the "book profits" in terms of Section 115JB, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uctibility" of the profit have got to be considered together for working out the deduction as mentioned in clause (iv) of the Explanation to section 115JB. We find no merit in this argument. If the dichotomy between "eligibility" of profit and "deductibility" of profit is not kept in mind then section 115JB will cease to be a self-contained code. In Section 115JB, as in Section 115JA, it has been clearly stated that the relief will be computed under Section 80HHC(3)/(3A), subject to the conditions under sub-sections (4) and (4A) of that section. The conditions are only that the relief should be certified by the chartered accountant. Such condition is not a qualifying condition but it is a compliance condition. Therefore, one cannot rely upo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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