TMI Blog2007 (9) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... or the appellant. V. S. Jayakumar for the respondent. JUDGMENT The judgment of the court was delivered by K. RAVIRAJA PANDIAN J.— 1. The appeal is filed against the order of the Income-tax Appellate Tribunal, Madras "A" Bench, made in I. T. A. No.346/Mds/2002 dated February 20, 2003. The relevant assessment year is 1998-99. The substantial question of law formulated for entertainment of the appeal is as follows "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the assessee having no profits from the export is eligible for the deduction under section 80HHC on its book profits under section 115J ?" 2. For the assessment year 1998-99, the assessee filed its return. The Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eels P. Ltd. v. Deputy CIT [1999] 237 ITR 777 and in the case of Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273 (SC) and analysing the order impugned found that the provisions of section 115J are similar to the provisions of section 115JA of the Act. In order to come to the conclusion the Tribunal has also taken note of sub-section (4) of section 115JA and referred to the dictum laid down by the Supreme Court in the case of Apollo Tyres Ltd. V. CIT [2002] 255 ITR 273, wherein it was held that the Assessing Officer while computing the book profits of a company under section 115J of the Income-tax Act, 1961, has only the power to examine whether such books of account are certified by the authorities under the Companies Act as having be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount prepared by the assessee as per the provisions contained in the Companies Act, while arriving at the book profit under section 115J and the book profit so arrived at should be the basis for taxation and therefore the computation under section 80HHC should be limited to the case of profits of eligible category only. The Tribunal has also come to the conclusion that in view of the non obstante clause available in section 115JA it was clear that the provisions is a self-contained one and no other provision would have effect on it and thereby it was to be implemented as contained in the said provision. The Tribunal has also further given a reason to the effect that section 80HHC is clear about this aspect that profit only is to be taken in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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