2009 (10) TMI 653

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.... as follows:- The assessee company is engaged in the business of manufacture and sale of automobile tyres, tubes, flaps and other rubber products, paints and trading in sports goods, machinery and spares. For the assessment year 2004-05, the assessee company filed its return of income on 29.10.2004 declaring an income of Rs.65,98,11,813/-. While computing the asessment, the Assessing Officer invoked the provisions of Section 80IA(9) and deducted the quantum of claim under Section 80IB from the business profit while computing the deduction under section 80HHC. Aggrieved by the order of the assessment, the assessee carried the matter on appeal. The Commissioner of Appeals by following the Tribunal's order in the case of Assistant Commissio....

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....a Textiles P. Ltd.[2008] 304 ITR 256 (Mad)wherein this Court has held as follows:- " 5. It is submitted across the bar by the learned counsel appearing for either side that the very issue has been considered and held against the revenue by the Madhya Pradesh High Court in the case of J.P. TOBACCO PRODUCTS P.LTD. VS. COMMISSIONER OF INCOME TAX reported in (1998) 229 ITR 123. It has also been further submitted that the Bombay High Court also has taken the same view in the case of COMMISSIONER OF INCOME-TAX VS. NIMA SPECIFIC FAMILY TRUST reported in (2001) 248 ITR 29. The judgment of the Madhya Pradesh High Court has been taken to the Supreme Court and the Supreme Court in JOINT COMMISSIONER OF INCOME-TAX VS. MANDIDEEP ENGINEERING AND PACKA....