2011 (2) TMI 257

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....come-tax   Common Judgment   F.M.IBRAHIM KALIFULLA,J.   The Revenue has come forward with these appeals and seeks to raise the following question of law as substantial question of law:   "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that in the computation of book profits u/s.115JA / 115JB, the ded....

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....raph 9:   "..... Thus, Section 80HHC(IB) deals not with "eligibility", but with the "extent of deduction". As stated earlier, Section 115JB is a self-contained code. It taxes deemed income. It begins with a non obstante clause. Section 115JB refers to computation of "book profits" which have to be computed by making upward and downward adjustments. In the downward adjustment, vide cl.(iv) ....

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....early stated that the relief will be computed under Section 80HHC(3)/(3A), subject to the conditions under sub-cls. (4) and (4A) of that section. The conditions are only that the relief should be certified by the chartered accountant. Such condition is not a qualifying condition, but it is a compliance condition. Therefore, one cannot rely upon the last sentence in cl. (iv) of Explanation to Secti....