2026 (5) TMI 181

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....h for Mr.Philip George For the Respondent(s) : Mrs.V.Pushpa, Sr.Standing Counsel ORDER DR. G. JAYACHANDRAN J. 1. This Tax Case is filed by the Assessee, being aggrieved by the order, dated 14.12.2007, passed in ITA.No.528/Mds/2007, by the Income Tax Appellate Tribunal, Madras, B-Bench. 2. The Appellant/Assessee, who is engaged in the business of manufacturing and exporting of steel ....

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.... Section 80IA of the Act to the tune of Rs. 96,60,813/- from the income from the business, amongst other disallowances and additions. Aggrieved by the said assessment, the Assessee had filed an appeal before the Commissioner of Income Tax (Appeals) V, Chennai in ITA.No.78/2006-2007, which was allowed, by the order, dated 21.11.2006, holding as below:- ""a. That the loss of wind mill busin....

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.... loss of wind mill business, against the profits of manufacturing units I and II for determining the net business profit for the purpose of Section 80HHC, following the decision of the Honourable Supreme Court reported in 266 ITR 521 (IPCA Laboratory Limited Vs. DCIT). In so far as the issue of exclusion of the income not charged to tax under Section 80IA from the business profits for the purpose ....

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....Income Tax Act, 1961? 2.Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the deduction under Section 80HHC of the Income Tax Act, 1961, has to be computed on the profits of the business after reducing the deduction allowed under Section 80IA of the Income Tax Act, 1961? 3.Whether on the facts and circumstances ....