{"id":102339,"date":"2007-05-17T00:00:00","date_gmt":"2007-05-16T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-pune-vs-shirke-construction-equipment-on-17-may-2007"},"modified":"2019-04-13T18:23:06","modified_gmt":"2019-04-13T12:53:06","slug":"commissioner-of-income-tax-pune-vs-shirke-construction-equipment-on-17-may-2007","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-pune-vs-shirke-construction-equipment-on-17-may-2007","title":{"rendered":"Commissioner Of Income Tax, Pune vs Shirke Construction Equipment &#8230; on 17 May, 2007"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">Commissioner Of Income Tax, Pune vs Shirke Construction Equipment &#8230; on 17 May, 2007<\/div>\n<div class=\"doc_author\">Author: Bhan<\/div>\n<div class=\"doc_bench\">Bench: Ashok Bhan, Dalveer Bhandari<\/div>\n<pre>           CASE NO.:\nAppeal (civil)  6758 of 2001\n\nPETITIONER:\nCommissioner of Income Tax, Pune\n\nRESPONDENT:\nShirke Construction Equipment Ltd\n\nDATE OF JUDGMENT: 17\/05\/2007\n\nBENCH:\nASHOK BHAN &amp; DALVEER BHANDARI\n\nJUDGMENT:\n<\/pre>\n<p>JUDGMENT      <\/p>\n<p>BHAN, J.\n<\/p>\n<p>1.\tWith the leave of the Court, the Commissioner of<br \/>\nIncome Tax, Pune (for short &#8220;the Revenue&#8221;) has filed<br \/>\nthe present appeal against the Final judgment and<br \/>\norder dated 24th July, 2000 passed by the High Court<br \/>\nof Bombay in ITA No. 458\/AN\/1998 by which the High<br \/>\nCourt has affirmed the decision of the Tribunal and<br \/>\ndismissed the appeal filed by the Revenue.  The issue<br \/>\ninvolved in this appeal relates to the provisions of the<br \/>\nIncome Tax Act, 1961 (for short &#8220;the Act&#8221;).\n<\/p>\n<p>2.\tThe High Court framed the following two<br \/>\nquestions of law for its determination:\n<\/p>\n<p>1.\tWhether Section 80-AB can be applied to Section<br \/>\n80-HHC of the Act?\n<\/p>\n<p>2.\tWhether, in determination of business profit under<br \/>\nSection 80HHC,  the unabsorbed business losses of<br \/>\nthe earlier years under Section 72 of the Act should be<br \/>\nset off?\n<\/p>\n<p>3.\tThe High Court has decided both the questions<br \/>\nagainst the Revenue and in favour of the assessee.  On<br \/>\nthe first point, the High Court has held that Section<br \/>\n80-HHC is independent of Section 80-AB and Section<br \/>\n80-AB does not control Section 80HHC of the Act.  On<br \/>\nthe second point, it has been held that unabsorbed<br \/>\nbusiness losses of the earlier years could not be set off<br \/>\nagainst the profits from exports.\n<\/p>\n<p>4.\tHigh Court of Kerala in <a href=\"\/doc\/1524464\/\">CIT v. T.C. Usha<\/a> [(2003)<br \/>\n132 Taxman 297 (Ker.)].\t has also taken a similar view<br \/>\nand has held that the losses would not be set off<br \/>\nagainst the profits earned by an assessee from export<br \/>\nof the goods manufactured by it.  This decisions of the<br \/>\nBombay High Court in the present case and the High<br \/>\nCourt of Kerala  in C.I.T. v. T.C. Usha (supra) have<br \/>\nbeen overruled by this Court in <a href=\"\/doc\/1887686\/\">IPCA Laboratory Ltd.<br \/>\nv. Dy. Commissioner of Income Tax, Mumbai<\/a> [(2004)<br \/>\n12 SCC 742].\n<\/p>\n<p>5.\tThe facts in the present case are similar as that<br \/>\nin IPCA Laboratory Ltd. (supra), hence the same are<br \/>\nnot restated herein.  In IPCA Laboratory Ltd. (supra),<br \/>\nthe counsel appearing for the assessee had placed<br \/>\nreliance on two judgments, i.e., one by the Bombay<br \/>\nHigh Court in CIT v. Shirke Construction Equiments<br \/>\nLtd. [2000 246 ITR 429 Bom.], which is the judgment<br \/>\nimpugned in the instant appeal, and another by the<br \/>\nHigh Court of Kerala in <a href=\"\/doc\/1524464\/\">CIT v. T.C. Usha<\/a> (supra).\n<\/p>\n<p>6.\tTaking a contrary view, this Court in IPCA<br \/>\nLaboratory Ltd. (supra) has held that (i) Section 80-<br \/>\nHHC of the Act is not independent of Section 80-AB<br \/>\nand would be governed by Section 80-AB; and (ii)<br \/>\nlosses were to be set off against the profits earned<br \/>\nfrom export of self-manufactured goods.  It has further<br \/>\nbeen held in this case that Section 80 HHC would be<br \/>\ngoverned by Section 80-AB and the decision of the<br \/>\nBombay High Court and the Kerala High Court taking<br \/>\nthe contrary view does not lay down the correct law to<br \/>\nthat extent.\n<\/p>\n<p>7.\tThe judgment impugned in the present case,<br \/>\nwhich, as indicated hereof, was relied has been<br \/>\nnoticed by this Court in paragraph 7 of the judgment<br \/>\nin IPCA case (supra), thus:\n<\/p>\n<p>&#8220;Mr. Dastur also relied upon the case of CIT<br \/>\nv. Shirke Construction Equipments Ltd.<br \/>\n2000 246 ITR 429 (Bom.).  In this case the<br \/>\nBombay High Court has held that Section<br \/>\n80-HHC is a complete code in itself and that<br \/>\nit is not controlled by Section 80-AB.  It was<br \/>\nheld that profits had to be computed under<br \/>\nSection 29 and Section 72 was not<br \/>\napplicable.  It was held that carry-forward<br \/>\nlosses could not be set off for computing<br \/>\nprofits for the purpose of Section 80-HHC.<br \/>\nIn this case it was also noticed that the<br \/>\nobject was to encourage exports.&#8221;\n<\/p>\n<p>8.\t The judgment of the Kerala High Court in <a href=\"\/doc\/1524464\/\">CIT v.<br \/>\nT.C. Usha<\/a> [(2003) 132 Taxman 297 (Ker.)], on which<br \/>\nreliance was placed by the assessee in IPCA<br \/>\nLaboratory Ltd. (supra), has been noticed by this<br \/>\nCourt in paragraph 10 of the said judgment, thus:\n<\/p>\n<p>&#8220;Mr. Dastur also relied upon a judgment in<br \/>\nthe case of <a href=\"\/doc\/1524464\/\">CIT v. T.C. Usha<\/a> (2003) 132<br \/>\nTaxman 297 (Ker).  In this case the Kerala<br \/>\nHigh Court was considering an identical<br \/>\nquestion i.e. whether the profits earned from<br \/>\nexport of self-manufactured goods were to be<br \/>\nset off against loss incurred in export of<br \/>\ntrading goods.  The Kerala High Court has<br \/>\naccepted arguments similar to those made<br \/>\nby  Mr. Dastur and has concluded that the<br \/>\nlosses were not to be set off against the<br \/>\nprofits earned from export of own<br \/>\nmanufactured goods.  In coming to this<br \/>\nconclusion the Kerala High Court has<br \/>\nproceeded on the footing that Section 80-<br \/>\nHHC is a self contained code and the<br \/>\nproceeds have to be worked out strictly in<br \/>\naccordance with the provisions.&#8221;\n<\/p>\n<p>9.\tParagraph 14 of the said judgment of this Court in<br \/>\nIPCA Laboratory Ltd. (supra), which answers the<br \/>\nquestions, is extracted below:\n<\/p>\n<p>&#8220;Section 80-AB is also in Chapter VI-A.  It<br \/>\nstarts with the words &#8220;where any deduction<br \/>\nis required to be made or allowed under any<br \/>\nsection included in this Chapter&#8221;.  This<br \/>\nwould include Section 80-HHC.  Section 80-<br \/>\nAB further provides that &#8220;notwithstanding<br \/>\nanything contained in that section&#8221;.  Thus<br \/>\nSection 80-AB has been given an overriding<br \/>\neffect over all other sections in Chapter VI-A.<br \/>\nSection 80-AB or over any other provision of<br \/>\nthe Act.  Section 80-HHC would thus be<br \/>\ngoverned by Section 80-AB.  Decisions of the<br \/>\nBombay High Court and the Kerala High<br \/>\nCourt to the contrary cannot be said to be<br \/>\nthe correct law Section 80-AB makes it clear<br \/>\nthat the computation of income has to be in<br \/>\naccordance with the provisions of the Act.  If<br \/>\nthe income has to be computed in<br \/>\naccordance with the provisions of the Act,<br \/>\nthen not only profits but also losses have to<br \/>\nbe taken into consideration.&#8221;\n<\/p>\n<p>[Emphasis supplied]<\/p>\n<p>10.\tAs stated above, this Court has taken a contra view<br \/>\nto that of the High Court of Bombay, in CIT v. Shirke<br \/>\nConstruction Equipments Ltd. [(2000) 246 ITR 429<br \/>\n(Bom.)] (the impugned judgment) and the decision of the<br \/>\nHigh Court of Kerala in <a href=\"\/doc\/1524464\/\">CIT v. T.C. Usha<\/a> [(2003) 132<br \/>\nTaxman 297 (Ker.)] and, overruling them, held that the<br \/>\nsaid decisions cannot be said to be the correct law.\n<\/p>\n<p>11.\tIn ITO v. Induflex Products (P) Ltd. [(2006) 1 SCC<br \/>\n458], this Court has held thus:\n<\/p>\n<p>&#8220;It is no doubt true that the term `profit&#8217; implies<br \/>\npositive profit which has to be arrived at after<br \/>\ntaking into consideration the profit earned from<br \/>\nexport of both self-manufactured goods and the<br \/>\ntrading goods and the profits and losses in both<br \/>\nthe trades have, thus, to be taken into<br \/>\nconsideration.&#8221;\n<\/p>\n<p>12.\tThe aforesaid decision of this Court in IPCA<br \/>\nLaboratory Ltd. (supra) has been relied upon in a<br \/>\nsubsequent decision of this Court in <a href=\"\/doc\/411708\/\">P.R. Prabhakar v.<br \/>\nCIT, Coimbatore<\/a> [(2006) 6 SCC 86, at page 92], thus:\n<\/p>\n<p>&#8220;The expression &#8220;income arising out of business<br \/>\nof export&#8221; brings within its sweep not only the<br \/>\nexport of any goods or merchandise<br \/>\nmanufactured or possessed by the assessee but<br \/>\nalso the trading goods.   Parliament, therefore,<br \/>\nintended to provide incentive when a positive<br \/>\nprofit is earned by an exporter.&#8221;\n<\/p>\n<p>13.\tBoth the aforesaid decisions of this Court in IPCA<br \/>\nLaboratory Ltd. (supra) and Induflex Products (P) Ltd.<br \/>\n(supra) have been relied upon in a subsequent decision of<br \/>\nthis Court in <a href=\"\/doc\/411708\/\">P.R. Prabhakar v. CIT, Coimbatore<\/a> [(2006)<br \/>\n6 SCC 86, at page 92], as indicated above.\n<\/p>\n<p>14.\tAccordingly the two points which had been posed by<br \/>\nthe High Court for its decision are answered in the<br \/>\nnegative, i.e., against the Revenue and in favour of the<br \/>\nassessee.\n<\/p>\n<p>15.\tFor the foregoing reasons, we are left with no other<br \/>\noption except to accept the appeal and set aside the<br \/>\nimpugned judgment.\n<\/p>\n<p>16.\tThe appeal stands allowed accordingly.  There shall<br \/>\nbe no order as to costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India Commissioner Of Income Tax, Pune vs Shirke Construction Equipment &#8230; on 17 May, 2007 Author: Bhan Bench: Ashok Bhan, Dalveer Bhandari CASE NO.: Appeal (civil) 6758 of 2001 PETITIONER: Commissioner of Income Tax, Pune RESPONDENT: Shirke Construction Equipment Ltd DATE OF JUDGMENT: 17\/05\/2007 BENCH: ASHOK BHAN &amp; DALVEER BHANDARI JUDGMENT: JUDGMENT [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-102339","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income Tax, Pune vs Shirke Construction Equipment ... on 17 May, 2007 - Free Judgements of Supreme Court &amp; 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