2007 (2) TMI 128

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....of the Income-tax Appellate Tribunal in I. T. A. No. 2299/Mds/2001 dated October 4, 2001, raising the following substantial questions of law: "1. Whether, on the facts and circumstances of the case, the Tribunal was justified in law in directing relief under section 80HHC(3)(a) instead of section 80HHC(3)(b) of the Income-tax Act, 1961 ? 2. Whether the Tribunal is justified in the facts and ....

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.... of business income. The Assessing Officer excluded the interest income from the computation of relief under section 32AB. On appeal. at the instance of the assessee, the Commissioner of Income-tax (Appeals) dismissed the appeal by his order dated July 31, 1992. However, on further appeal by the assessee, the Appellate Tribunal allowed the appeal holding that the Bangalore unit was a 100 per cent.....

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....e Income-tax Act, 1961, and the purpose of the clause was to disallow a part of the allowance under that section only when the entire deduction claimed could not be regarded as being relatable to exports. 4 With regard to the second question of law, it is settled that the calculations required to be made for the purpose of section 32AB of the Income- tax Act, 1961, are to commence with the figu....

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....nd loss account required to be drawn up by a company must necessarily reflect all the income and all the expenditure incurred by the company in that year. Section 32AB does not require the profit for the purpose of section 32AB(1) to be calculated in accordance with the provisions of the Income-tax Act. All that it provides is that the calculations should first be made in accordance with the Compa....