Computation of deduction u/s 80HHC on profit available after reducing deduction allowed u/s 80IB

Last updated: 23 August 2013

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
It was fairly conceded by the Ld.AR of the assessee that the issue involved is covered against the assessee by the decision of the special bench of the Tribunal rendered in the case of ACIT vs. Hindustan Mint & Agro Products Pvt. Ltd., as reported in 119 ITD 107 (Del.)(SB). Respectfully following the decision of the special bench of the tribunal both these grounds of the assessee are rejected because we find that while computing deduction allowable to the assessee u/s 80HHC, the Assessing Officer has reduced from business profit, the amount of deduction allowed by him u/s 80IB of Rs.1657300. This is in line with the decision of the special bench of the tribunal and hence both these grounds of the assessee are rejected.

Citation :
Vallabh Metal Inc., Lakri Fazalpur, Delhi Road, Moradabad. (PAN/GIR No.AAAAV0750B) (Appellant) Vs. ACIT, Range 1, Moradabad.(Respondent)