2008 (7) TMI 372

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....livered by K. L. MANJUNATH J.- This appeal is by the Revenue challenging the order passed by the Commissioner of Income-tax (Appeals), Bangalore, dated February 7, 2001, and the order passed by the Income-tax Appellate Tribunal, Bangalore Bench in I. T. A. No. 390/Bang/2001, dated February 20, 2004, for the assessment year 1996-97. 2. The only point in dispute before the Assessing Officer was wh....

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....mputing deductions under section 80HHC. Aggrieved by the same, the Revenue filed an appeal before the Income-tax Appellate Tribunal. The Income-tax Appellate Tribunal, while dismissing the appeal of the Revenue, held that the reasons given by the Commissioner of Income-tax (Appeals) were not acceptable and confirmed the order of the Commissioner of Income-tax (Appeals) and directed the Assessing O....

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....ore the Assessing Officer was how deductions under section 80HHC was to be computed. The grievance of the assessee was that the loss sustained by it in the earlier years should not be given deduction for the purpose of computation under section 80HHC. The hon'ble Supreme Court in Synco Industries Ltd. v. Assessing Officer (Income-tax) [2008] 299 ITR 444 has held, how the loss sustained by the asse....