TMI Blog2009 (4) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... 0HHC should be limited to the case of profits of eligible category only - TCA 216-19 of 2009 and M.P.Nos.1 of 2009 - - - Dated:- 16-4-2009 - JUSTICE K. RAVIRAJA PANDIAN and JUSTICE M. M. SUNDRESH Mr. Arun Kurian Joseph for the appellant. JUDGMENT The Judgment of the Court was delivered by K.RAVIRAJA PANDIAN, J. - The revenue on appeal against the order of the Income Tax Appellate Tribunal, dated 31.07.2008 passed in ITA Nos.357 to 360/Mds/2008 n respect of the assessment years 1998-99 to 2001-02. 2. The assessee is a domestic company engaged in the business of manufacture and export of polymers, plastic and polymerised products. For the assessment years 1998-99 to 2001-02, the assessee company filed return showing a l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... book profits u/s 115JB and not on the basis of eligible profits u/s 80HHC as per normal computation". 5. We have heard the argument of the learned counsel for the revenue and perused the materials available on record. 6. The issue involved in the present appeals is squarely covered by the decision of a Division Bench of this Court in which one of us (K.Raviraja Pandian,J) was a party in the case of Commissioner of Income Tax vs. Rajanikant Schnelder and Associates P. Ltd., reported in 302 ITR 22), wherein it has been observed as follows:- "4. We are not able to subscribe our view to the grounds taken in the appeal that the deduction under Section 80 HHC is allowable only on the profits and gains arrived at under Sections 28 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of Parts II and III of Schedule VI to the Companies Act" in Section 115J was made for the limited purpose of empowering the Assessing Officer to rely upon the authentic statement of accounts of the company. While so looking into the accounts of the company, the Assessing Officer has to accept the authenticity of the accounts with reference to the provisions of the Companies Act, which obligate the company to maintain its accounts in a manner provided by that Act and the same to be scrutinized and certified by the statutory auditors and approved by the company in the general meeting and thereafter to be filed before the Registrar of Companies, who has a statutory obligation also to examine and be satisfied that the accounts of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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