2021 (9) TMI 304

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...., Senior Standing Counsel JUDGMENT (Delivered by T.S.Sivagnanam, J.) This appeal, by the appellant/assessee, filed under Section 260A of the Income Tax Act, 1961 is directed against the order dated 28.01.2009, made in I.T.A. No. 1599/Mds/2007 on the file of the Income Tax Appellate Tribunal Bench 'A', Chennai for the assessment year 2004-05. 2. The appeal was admitted on 22.02.....

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.... Senthil Kumar, learned Senior Standing Counsel for the respondent/Revenue. 4. It is not disputed before us that the substantial questions of law, which have been framed for consideration, have been answered against the Revenue by the Hon'ble Supreme Court in the case of Ajanta Pharma Ltd. vs. Commissioner of Income-Tax [ (2010) 327 ITR 305 (SC)]. The said decision was followed by a Divisio....

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....to Section 115JB covers full export profits of 100% as "eligible profits" and the same cannot be reduced to 80% by relying on section 80 HHC(1B) and the argument of the Department that both "eligibility" as well as "deductibility" of the profit have to be considered together for working out the deduction as mentioned in clause (iv) of Explanation to Section 115JB is devoid of merits. 6. T....