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2015 (5) TMI 481 - DELHI HIGH COURT

2015 (5) TMI 481 - DELHI HIGH COURT - TMI - Deduction under Section 80I - Tribunal holding that deduction under Section 80I is allowable without taking note of the deduction under Section 80HH - Held that:- In respect of the issue of allowability of deduction under Section 80HH and 80I, the ITAT noted the previous decision of the Madhya Pradesh High Court in J.P. Tobacco Products (P) Ltd. v. CIT [1996 (8) TMI 29 - MADHYA PRADESH High Court]. The ITAT also noted that the said decision of the Madh .....

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nt payable on redemption of debentures after seven years - Held that:- The issue has been decided for the previous year i.e. 1990-91 by the Division Bench of this Court in [2013 (9) TMI 988 - DELHI HIGH COURT] whereby the appeal of the Revenue has been dismissed. We further notice that for other previous years, the Division Bench of this Court had followed the decision in Commissioner of Income Tax vs. Jagatjit Industries Ltd. (2006 (5) TMI 72 - DELHI High Court) and allowed the 1/7th of the pre .....

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as justified in holding that deduction under Section 80I is allowable without taking note of the deduction under Section 80HH of the Act? (ii) Whether the Tribunal was justified in allowing 1/7th of the premium amount that was payable on redemption of debentures after seven years? 2. The respondent/assessee is a company running a spinning mill at Bhawani Mandi, Rajasthan and has taken on lease another factory at Kathua near Jammu. For the relevant assessment year 1991-92, the Assessing Officer ( .....

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forward the loss for the purpose of Section 80I. He rejected the assessee's contention that under Section 80I, losses for earlier years could be brought forward and set off in view of the specific provision in Section 80HH (9). 4. The CIT(Appeals) affirmed the Revenue's contention. The ITAT, however, held in favour of the assessee. In respect of the issue of allowability of deduction under Section 80HH and 80I, the ITAT noted the previous decision of the Madhya Pradesh High Court in J.P .....

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