2010 (9) TMI 1281

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....r C. Jain Respondent by : Smt. V. Madhuvani, DR ORDER Per Chandra Poojari, Accountant Member: This appeal preferred by the assessee is directed against the order passed by the CIT(A) -V, Hyderabad dated 24.12.2009 and pertains to the assessment year 2006-07. 2. The main ground raised by the assessee in its appeal is with regard to adding back of expenses amounting to Rs. 63,48,012/-....

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....ng entitled for exemption u/s 10A. Deduction u/s 10A of the Act has to be claimed on determination of the income of the assessee. The income of the assessee is to be determined as per provisions of Sec.29 of the Act after giving effect to the provision of Sec.30 to 43D of the IT Act. The income was increased by the assessing officer on account of invoking the provisions of Sec.40(a)(ia) of the Act....

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....he computation of income under this head. It states that the income referred to in section 28 shall be computed in accordance with the provisions contained in ss.30 to 43D. It, therefore, becomes amply clear that the income under the head 'profit and gains of business or profession' is one which is determined after making all deductions and disallowances, etc. that are enshrined u/s 30 to 43D. Thi....

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....equired to be read harmoniously with the words following it. When so read, the language of the section turns out to be 'notwithstanding anything contained in section 30 to 38, the following amount shall not be deducted in computing the income chargeable under the head 'profit and gains of business or profession' ......... . A bare perusal of the relevant portion of the section reveals that the non....