TMI Blog2011 (11) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... as erred in directing the assessing officer not to reduce the Pondicherry profits u/s 80IB from the total business profits of the assessee-company while computing deduction u/s.80HHC. 2.1 It is submitted that section 80IA(9) and 8018(13) convey that where any amount of profits and gains of an undertaking or of an enterprise in the case of an assessee is claimed and allowed under the section for any assessment year, the deduction to the extent of such profits and gains shall not be allowed under any other provisions of the chapter under the heading Deductions in respect of certain incomes and as per section 80IB(13), the provisions contained in subsection (5) and sub sections 7 to 12 of section 80IA shall, so far as may be, apply to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f sub-section(5) in section 80IA, which provides as to how the profits and gains of eligible business should be computed. 2. The only issue involved in this appeal which is to be decided by us pertains to restriction of relief u/s 80HHC of the I.T. Act, 1961 by reducing the deduction u/s 80IB of the Act from profits of business while computing deduction u/s 80HHC of the Act. 3. The facts leading to this appeal are that while computing deduction u/s 80HHC of the Act, the Assessing Officer reduced business income by ₹ 6,49,73,660/- while computing deduction u/s 80HHC of the Act by following the decision of the Mumbai Bench of the Tribunal in the case of M/s Leben Laboratories Ltd Vs. CIT in ITA No. 2850/Mum/2004 order dated 29.6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'ble Kerala High Court in the case of Olam Exports [India] Ltd. Vs. CIT [2011] 332 ITR 40 [Ker] and also the decision of the Hon'ble Delhi High Court in the case of Great Eastern Exports Vs. CIT [2011] 332 ITR 14 [Del] and submitted that the issue has been decided in favour of the Revenue and therefore, following the same, the order of the ld. CIT(A) should be reversed and that of the Assessing Officer should be restored. 8. The ld. A.R. relied on the decision of the Hon'ble Madras High Court dated 27.10.2009 in Tax Case No. 1020/2009 in the case of CIT Vs. MRF Ltd and the decision of the Hon'ble Bombay High Court in the case of Associated Capsules (P) Ltd. [supra] and submitted that the issue whether deduction u/s 80HHC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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