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TAXAP/308/2008 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL NO. 308 OF 2008
======================================
AMOLI
ORGANICS PVT. LTD. - Appellant(s)
Versus
THE
JOINT COMMISSIONER OF INCOME TAX - Respondent(s)
======================================Appearance
:
Mrs. Swati Soparkar for
Appellant(s).
None for
Respondent(s).
======================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
and
HONOURABLE
MR.JUSTICE R.H.SHUKLA
Date
: 07/07/2008
ORAL
ORDER
(Per
: HONOURABLE MR.JUSTICE K.A.PUJ)
1. The
appellant-assessee has filed this tax appeal under Section 260A of
the Income Tax Act, 1961 for the Assessment Year 2003-04. The
assessee has framed the following two questions for decision of this
Court:
(i) Whether,
in the facts and circumstances of the case, while calculating the
amount of deduction under Section 80HHC of the Act on the basis of
the ‘profit of business’ defined under Explanation (baa) to Section
80HHC (4c), the assessee is required to set off the brought forward
business loss and unabsorbed depreciation from the profit of
business?
(ii) Whether,
in the facts and circumstances of the case, the Income Tax Appellate
Tribunal was right in law in holding that while calculating the
deduction under section 80 HHC of the Act ‘income from business’ will
be the net income under the head ‘profits and gains of business or
profession’ as may be worked out after setting off the brought
forward business losses under Section 72 of the Act?
2. Both
these issues had come up before the Honourable Supreme Court in the
case of CIT vs. Shirke Construction Equipments
Ltd., (2007) 291 ITR 380 (S.C.). While
deciding these issues in favour of the Revenue and against the
assessee, the Honourable Supreme Court has referred to its earlier
decisions in the case of IPCA Laboratories
Limited, (2004)
266 ITR 521 (S.C.),
and Induflex
Products (P) Ltd., (2006)
280 ITR 1 (S.C.),
which
have been relied upon in its subsequent decision
in
the case of P.R. Prabhakar v/s. CIT, Coimbatore,
(2006)
284 ITR 548 (S.C.).
Since both the issues are
decided in favour of the Revenue and against the assessee, there is
no need to admit this appeal as the questions of law posed here are
concluded by the decision of the Honourable Supreme Court. The appeal
is, therefore, dismissed.
[K.A.
Puj, J.]
[R.
H. Shukla, J.]
kamlesh*
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