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TMI Blog2021 (9) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... (Delivered by T.S.Sivagnanam, J.) This appeal, by the appellant/assessee, filed under Section 260A of the Income Tax Act, 1961 is directed against the order dated 28.01.2009, made in I.T.A. No. 1599/Mds/2007 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent/Revenue. 4. It is not disputed before us 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. 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 Amma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the same cannot be reduced to 80% by relying on section 80 HHC(1B) and the argument of the Department that both "eligibility" as well as "deductibility" of the profit have to be considered 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 sup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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