Asstt. CIT v. Hindustan Mint & Agro Products (P) Ltd.
INCOME TAX ACT, 1961
Deduction under section 80-IA - Profits and gains from Industrial undertakings -Allowability of
Held: Judgment provided in Madras High Court in SCM Creations v. Asstt. CIT [2008] 304 ITR 319 was not an authority for proposition as to how provisions of section 80-IA (9) made applicable with effect from assessment year 1999-2000 were to be applied and it does not impliedly overrule decision of Special Bench of Tribunal in case of Asstt. CIT v. Rogini Garments [2007] 108 ITD 49 (Chennai). Restriction contained in section 80-IA or 80-IB was not to allow repeated deduction applicable to same profit, but said restrictions were not applicable to profits derived from separate undertakings.
Income-tax Act, 1961, Section 80-IA
A.Y. : 1998-99, 2001-02, 2003-04 and 2004-05
Decision: In favour of assessee.
Case Law Analysis:Asstt. CIT v. Rogini Garments [2007] 108 ITD 49 (Chennai) (SB) (para 20.2), SCM Creations v. Asstt. CIT [2008] 304 ITR 319 (Mad.) (para 20)
INCOME TAX ACT, 1961
Deduction under section 80HHC - Computation -Effect of deduction under section 80-IA / 80-IB
Held:Since, deduction was allowed under provision of Chapter VI-A with heading C (covering sections 80H, 80HHC, etc.) therefore, it was to be reduced by an amount of deduction allowed under section 80-IA/80-IB.
Income-tax Act, 1961, Section 80HHC, Circulars and Notifications :CBDT Circular No. 772, dated 23-12-1998
Decision: In favour of assessee.