2014 (6) TMI 178

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....preferred by the assessee challenging the impugned order dated 7th June 2012, passed by he learned Commissioner (Appeals)-XVIII, Mumbai, for the quantum of assessment passed under section 143(3) of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2004-05, on the following grounds:- "On the facts and in the circumstances of the case and in law the learned CIT(A) erred in dire....

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....le Jurisdictional High Court in Associate Capsules Pvt .Ltd. v/s CIT, [2011] 332 ITR 42 (Bom.). 3. The learned Departmental Representative, on the other hand, also admitted that the issue raised by the Revenue is squarely covered by the decision of the Hon'ble Jurisdictional High Court even though the contrary decisions of other High Courts are available. 4. After carefully considering the o....

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....e jurisdictional High Court in the case of Associated Capsules Pvt. Ltd. (supra) wherein it has been held by Their Lordships (Headnote pages 42 & 43) : "Section 80-IA(9) of the Income-tax Act, 1961, provides that the deduction to the extent of profits allowed under section 80-IA(1) would not be allowed under any other provisions. It means that the deductions allowable under other provisions under....

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..... Since section 80-IA(9) uses the words "shall not be allowed", the section seeks to restrict the allowance of deduction and not the computation of deduction under any other sections under heading C of Chapter VI-A of the Act. Therefore the reasonable construction of section 80-IA(9) would be that where the deduction is allowed under section 80-IA(1), then the deduction computed under other provis....