2018 (10) TMI 368

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....n the following substantial question of law: "Whether in the facts and circumstances of the case, the Tribunal was right in allowing deduction u/s 80HHC on the basis of book profits u/s 115JA even though the eligible profits u/s 80HHC was Nil as per normal computation ?" 3. Heard Mr.T.Ravikumar, learned Senior Standing Counsel for the appellant/Revenue and Mr.R.Vijayaraghavan, learned counsel for the respondent/assessee. 4. An identical issue came up for consideration before us in the case of Commissioner of Income Tax V. Bannari Amman Sugars Limited (T.C.A.No.163 of 2009, dated 30.07.2018). In the said case, we noted that the legal issue was considered by the Hon'ble Supreme Court in the case of Ajanta Pharma Ltd. v. Commissioner o....

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.... the decision of the Tribunal was confirmed in the case of Commissioner of Income Tax v. Bhari informations Technology System (P) Limited reported in 2012 (340) ITR 0593." 5. We may note that a Division Bench of this Court in the case of Commissioner of Income Tax, Chennai Vs. M/s.Three Bags India P.Ltd., 2016 SCC Online Mad 27408, after taking note of the decision in Ajanta Pharma Ltd. (cited supra), decided the above question in favour of the assessee and against the Revenue. 6. In the light of the aforesaid discussion, the substantial question of law, which has been framed for consideration, is answered against the Revenue and in favour of the assessee. 7. Accordingly, this Tax Case Appeal stands dismissed. No costs. T.C.A.Nos.1352 a....

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....r assessment under section 143(3) as reduced by the amount of tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income. The definition, thus, at the relevant time excluded the MAT credit for arriving at assessed tax. This led to immense hardship. The position which emerged was that due to omission on one hand the MAT credit was available for set off for five years under section 115JAA but the same was not available for set off while calculating advance tax. This dichotomy was more spelt out because section 115JAA did not provide for payment of interest on the MAT credit. To avoid this....