TMI Blog2012 (2) TMI 500X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT: Present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order dated 3rd February, 2003 passed by the Income Tax Appellate Tribunal, Rajkot. The appeal has been admitted on the following substantial questions of law: (1) Whether the Tribunal is legally justified in conforming the order of the CIT(A) in ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 80-I from the residual income after being reduced by the deduction under Section 80-HH of the Act. The Commissioner of Income Tax (Appeals), however accepted the claim of the assessee and allowed the deduction under Section 80-I from the gross profit and not from the residual income and after allowing the deduction under Section 80HH of the Act. This order was affirmed by the Tribunal by fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel appearing for the respondent assessee. We find that the Hon'ble Supreme Court in the case of Joint Commissioner of Income Tax vs. Mandideep Eng. and Pkg. Ind. P.Ltd. [(2007) 292 ITR 1 (SC)] has upheld the decision of the Madhya Pradesh High Court in the J.P.Tobacco Products P.Ltd. (supra). That being the position and even otherwise in view of the provisions of Section 80A o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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