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2016 (3) TMI 463 - GUJARAT HIGH COURT

2016 (3) TMI 463 - GUJARAT HIGH COURT - TMI - Deduction under Section 80HHC - whether calculated without excluding the profit of Daman Unit of the assessee on which 100% deduction allowed under Section 80IB as held by ITAT - Held that:- Same question came up for consideration in the case of Commissioner of Income Tax Vs. M/s. Atul Intermediates [2014 (4) TMI 676 - GUJARAT HIGH COURT ] wherein held Sub-section (9) of section 80IA was enacted to have universal application to all deductions under s .....

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at the stage of sub-section (3) of section 80HHC effect of sub-section (9) of section 80IA would apply - clause (baa) to explanation to section 80HHC defines a term 'profits of the business' - While working out the business profits as specified therein, in terms of sub-section (9) of section 80IA the profit or gain which had already been allowed deduction to the extent mentioned therein would have to be ignored.

In IPCA Laboratory Ltd. v. Deputy Commissioner of Income-Tax reported in .....

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r Section 80AB or over any other provision of the Act. Section 80HHC would thus be governed by Section 80AB - Section 80AB makes it clear that the computation of income has to be in accordance with the provisions of the Act - If the income has to be computed in accordance with the provisions of the Act, and then not only profits but also losses have to be taken into consideration Decided in favour of Revenue. - Tax Appeal No. 221 of 2007 - Dated:- 29-2-2016 - Akil Kureshi And Z. K. Saiyed, JJ. .....

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y points out that in so far as this Court is concerned, such question came up for consideration in the case of Commissioner of Income Tax Vs. M/s. Atul Intermediates, [2015] 373 ITR 638 (Guj.), in which the following observations have been made: "30. We are unable to follow the line of logic adopted by the Bombay High Court in case of Associated Capsules P. Ltd. (supra) that section 80IA(9) of the Act in the context of section 80HHC would operate not at the stage of computation but at the s .....

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subsection (9) of section 80IA would have to be given. We do not think that in the process we are tinkering with the formula for computation of eligible profit for deduction under section 80HHC of the Act. We have noticed that different formulae have been provided for manufacturing exporter and trader and in case of an assessee whose exports comprise of both the sources. It is, therefore, at the stage of subsection (3) of section 80HHC effect of subsection (9) of section 80IA would apply. It is .....

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nder any other provisions contained in subchapter C of Chapter VI in respect of any income specified in such section, then, notwithstanding anything contained in that section, for the purpose of computing deduction, the amount of income of that nature as computed in accordance with the provisions of the Act shall alone be deemed to be the amount of income of that nature, which is derived or received by the assess, and which is included in his gross total income. The nonobstante expression used i .....

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