2021 (12) TMI 564

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.... 'Tribunal'), Cochin Bench in ITA No.798/Coch/2007 dated 28.08.2008. The appeal deals with the issues arising from the tax return filed by the assessee for the Assessment Year 2003-04. 3. The Assessing Officer through the assessment order in Annexure-A, disallowed the claim of the assessee under Section 80HHC of the Income Tax Act (for short 'the Act'). The assessee filed appeal before the Commissioner of Income Tax (Appeals), the appeal was allowed. The Revenue filed appeal before the Tribunal and the Tribunal through order in Annexure-C dismissed the appeal. Hence, the instant Tax Appeal at the instance of the Revenue under Section 260A of the Income Tax Act (for short 'the Act'). The following substantial questions....

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....SC) to state that the issue is concluded by these judgments in favour of assessee. The operative portion of the reported judgments is excerpted hereunder: Ajanta Pharma Ltd If the dichotomy between "eligibility of profit and "deductibility" of profit is not kept in mind then section 115JB will cease to be a self-contained code. In section 115JB, as in section 115JA, it has been clearly stated that the relief will be computed under section 80HHC(3)/(3A), subject to the conditions under sub-sections (4) and (4A) of that section. The conditions are only that the relief should be certified by the chartered accountant. Such condition is not a qualifying condition but it is a compliance condition. Therefore, one cannot rely upon....

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....d under regular provisions of law applicable to computation of profits and gains of business. The judgment of the Tribunal has been upheld by the High Court." 5.1 Substantial question no.1 having regard to the principles laid down by the Supreme Court in the reported and unreported judgments referred to above, is covered in favour of the assessee and against the Revenue. Hence, the question is answered accordingly in favour of assessee and against the Revenue. 5.2 Substantial question no.2 deals with the percentage of depreciation which the assessee is entitled to on the vehicles used by the assessee for its commercial purpose. Paragraph 4 of the order of the Tribunal reads thus: "The Andhra Pradesh High Court in the case of ....