2010 (7) TMI 122

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....'BLE MS. JUSTICE REVA KHETRAPAL A.K. SIKRI, J. (ORAL) 1. In this appeal filed by the Revenue against the order dated 30th June, 2006 passed by Income Tax Appellate Tribunal, the following question of law was framed for consideration:- "Whether the Income Tax Appellate Tribunal was correct in law in holding that the "business profits" as per Explanation (baa) of Section 80 HHC of the Income T....

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.... under Section 80IB for the purpose of computing "business profits" of the assessee. The Tribunal in its judgment held that provisions under Section 80IB of the Act on the one hand and Section 80HHC on the other hand are independent and while computing deduction under Section 80 HHC of the Act, deduction already allowed under 80IB of the Act is not to be taken into consideration. Thus, in this fac....

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....n whereof reads as under:- "Leave Granted. By consent, the matter is taken up for final hearing. The issue is squarely covered in favour of the Department vide our judgment in the case of M/s. LibertyIndia Vs. C.I.T., Karnal, reported in 317 ITR 218. Accordingly, civil Appeal stands allowed. No order as to costs." 4. Mr. Kapur, learned counsel appearing for the respondent makes stat....