2004 (3) TMI 26

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....d. Thus, they have been taken up for hearing analogously and are being disposed of by this common order. To appreciate the factual matrix, we are taking up the facts as have been mentioned in the aforesaid appeal. This appeal is at the instance of the Revenue under section 260A of the Income-tax Act, 1961, against the order dated November 13, 1998, passed by the Income-tax Appellate Tribunal holding that deductions under section 80HH and section 80-I of the Income-tax Act, 1961, are admissible before the set off of the carried forward profits and loss derived from new industrial undertaking. In all the matters, the Tribunal has held that the question involved is covered by a judgment of the Division Bench of this court the parties being ....

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....(Amendment) Act, 1974, with effect from April 1, 1974, was inserted. Section 80-I was inserted in its present form by the Finance (No. 2) Act, 1980, with effect from April 1, 1981, and by the same Finance (No. 2) Act, section 80HH(9) was amended and the words 'section 80-I or' were inserted to make the said provision applicable to section 80-I as well. However, no provision was made in section 80-I to provide for deduction of the gross total income by deduction allowed under section 80HH for the purpose of allowing deduction under section 80-I. It would, thus, be seen that when section 80J already existed in sub-section (9) of section 80HH, an amendment was made in section 80J in the year 1974 but no such provision was made in so far as sec....