TaxTMI 
TaxTMI 
2015 (2) TMI 718
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....sessee was entitled to deduction under section 80HHB in respect of each project instead of netting up of profits from all the overseas projects and thus directing the Assessing Officer to allow the deduction as claimed by the assessee without setting off the loss suffered in other foreign projects ? (2) Whether, on the facts and in the circumstances of the case and in law, the Appellate Tribunal was right in law in holding that the decision of the hon'ble Supreme Court in CIT v. Canara Workshops P. Ltd. [1986] 161 ITR 320 (SC) in connection with section 80E is applicable with greater force in relation to the deduction under section 80HHB of the Act although the ....
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.... disposed of by the Commissioner of Income-tax. The Commissioner of Income-tax passed an order condoning the delay in repatriation of money on September 6, 1988. Thereafter, the Assessing Officer proceeded to pass an order under section 154 of the Act for the purpose of giving deduction under the said section in respect of profits and gains arising from projects out of India. The assessee claimed such deduction at Rs. 1,20,07,654 but the Assessing Officer worked out the relief at Rs. 1,87,69,578. The difference in the relief was the result of netting up of profit from all the overseas projects. The contention of the assessee is that it is entitled to such deduction under this section in respect of each project. This was not accepted by the ....
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....onvertible foreign exchange." 5. The Tribunal held that the wording of clause (a) and clause (b) of sub- section (1) of this provision, as reproduced above, would not rule out computation of the deductions unit-wise. The requirement appears to be that if the gross total income of an assessee being an Indian company or a person includes any profits and gains derived from the business of the execution of a foreign project undertaken by the assessee in pursuance of a contract entered into by him or the execution of any work undertaken by him and forming part of a foreign project undertaken by any other person in pursuance of a contract entered into by such other person, with the Government of a foreign State, or any statutory or other publi....
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....h of this court in the case of Synco Industries Ltd. v. Assessing Officer of Income-tax reported in [2002] 254 ITR 608 (Bom) and confirmed by the hon'ble Supreme Court, vide its judgment delivered reported in [2008] 299 ITR 444, was of any assistance in resolving the issue or controversy. 10. We find that the Tribunal has essentially gone by the facts and peculiar to the assessee. The project in this case and abroad whether undertaken by the assessee in pursuance of a contract or whether the execution of the work undertaken by him and forming part of a project undertaken by any other person in pursuance of a contract entered into by such other person, has not been detailed before us. Suffice it to note that if the assessee had placed....
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....ufacture of alloy steels which was an industry. The assessee was engaged in the manufacture of automobile spares. From automobile spares manufacturing, the assessee generated profits but from the alloy steel industry it incurred losses. That is why the matter went up to the hon'ble Supreme Court from the order of the Tribunal because the Tribunal accepted the contention of the assessee that the deduction was permissible on the entire profits of the automobile parts industry included in the total income without deducting therefrom the losses in the alloy steel manufacture. We do not find the situation of this type and before us. However, the reference to the hon'ble Supreme Court's decision in Canara Workshops P. Ltd. (supra) was....