2012 (2) TMI 500

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.... THE APPELLANT R.R. Agarwal : FOR THE RESPONDENT JUDGMENT: Present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order dated 3rd February, 2003 passed by the Income Tax Appellate Tribunal, Rajkot. The appeal has been admitted on the following substantial questions of law: "(1) Whether the Tribunal is legally justi....

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.... Assessing Officer allowed deduction under Section 80-I from the residual income after being reduced by the deduction under Section 80-HH of the Act. The Commissioner of Income Tax (Appeals), however accepted the claim of the assessee and allowed the deduction under Section 80-I from the gross profit and not from the residual income and after allowing the deduction under Section 80HH of the Act. ....

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....ng for the Revenue and Sri Suyash Agarwal, learned counsel appearing for the respondent assessee. We find that the Hon'ble Supreme Court in the case of Joint Commissioner of Income Tax vs. Mandideep Eng. and Pkg. Ind. P.Ltd. [(2007) 292 ITR 1 (SC)] has upheld the decision of the Madhya Pradesh High Court in the J.P.Tobacco Products P.Ltd. (supra). That being the position and even otherwise in....