2017 (2) TMI 1216

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....rversely in allowing the deductions u/s 801 & 80HH when the assessee has not maintained separate books of accounts for claiming deduction which cannot be ascertained? ii) Whether in the facts and circumstances of the case, the assessee can be entitled for deductions u/s 80I on the gross total amount before deductions u/s 80HH of the IT Act?" 3. Counsel for the appellant contended that in view of the decision of Gujarat High Court in the case of Transpek Silox Industry Ltd. vs. Deputy Commissioner of Income Tax Circle 4 decided on 25th July, 2016 wherein it has been held as under:- "28. It is true, as pointed out by the counsel for the assessee that in different provisions the Legislature has used different language for restricting or l....

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.... allowed for certain profit or gain of an undertaking or enterprise under section 80IA. Such provision, therefore, would have to be applied at the very stage to assessee's claim for deduction under section 80HHC of the Act is considered. While computing such deduction the effect of sub-section (9) of section 80IA would have to be given. We do not think that in the process we are tinkering with the formula for computation of eligible profit for deduction under section 80HHC of the Act. We have noticed that different formulae have been provided for manufacturing exporter and trader and in case of an assessee whose exports comprise of both the sources. It is, therefore, at the stage of sub-section (3) of section 80HHC effect of sub-section....