TMI Blog2021 (9) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... g that in computing book profit under Section 115JB of the Act, the deduction under Section 80HHC should be limited to 30% of profit from export business, as provided under Section 80HHC(1B)? - HELD THAT:- The substantial questions of law, which have been framed for consideration, have been answered against the Revenue by the Hon'ble Supreme Court in the case of Ajanta Pharma Ltd. vs. Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007 on the file of the Income Tax Appellate Tribunal Bench 'A', Chennai for the assessment year 2004-05. 2. The appeal was admitted on 22.02.2016, on the following substantial questions of law:- (i) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that deduction under Section 80HHC in the case of MAT assessment is to be w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Court in the case of Ajanta Pharma Ltd. vs. Commissioner of Income-Tax [ (2010) 327 ITR 305 (SC)]. The said decision was followed by a Division Bench of this Court in the case of CIT vs. M/s. Bannari Amman Sugars Ltd., [T.C.(A) No. 163 of 2009 dated 30.07.2018], to which one of us (TSSJ) was a party. The operative portion of the judgment reads as follows:- 4. The Tribunal decided the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d together for working out the deduction as mentioned in clause (iv) of Explanation to Section 115JB is devoid of merits. 6. Thus, the decision of the Hon'ble Supreme Court in Ajanta Pharma Ltd. (cited supra) applies to the case on hand, as identical question has been framed for consideration. Further, we note that the decision of the said fact in Syncome Formulations (I) Ltd. (cited supr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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