2026 (6) TMI 1499

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For the Respondent : Mr. V. Mahalingam, Senior Standing Counsel and M/s.Per Mangala Suvigaram, Junior Standing Counsel JUDGMENT Dr. G.Jayachandran, J The appellant herein is the manufacturer of hosiery garments. For the assessment year 2003-2004, the Return for the income, was filed by the appellant admitting the total income of Rs.17,08,200/-. The matter was taken up for scrutiny and th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rt framed the following substantial questions of law on 12.12.2007: (i) Whether the relief under Section 80-IB should be deducted from profits and gains of business before computing relief under Section 80-HHC ? (ii) Whether the Tribunal erred in failing to deal with the appellant's alternative submission admittedly raised before it, to the effect that the appellant should first ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....xtent of percentage of profits set out in Subsection (1B) of Section 80 HHC. 17. Section 80-IA deals with deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development etc. Sub-section (1) provides that when the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ative pronouncement of the Honourable Supreme Court in the said Shital Fibres Limited case, the matter has to be remanded back for re-computing the tax by following the dictum laid down by the Apex Court in the said Shital Fibres Limited case. 5. Hence, in respect of the first substantial question of law, the matter is remanded back to the Assessing Officer to re-compute the tax payable by foll....