Gujarat High Court
Commissioner Of Income TaxIi vs Metrochem Industries Ltd. ... on 9 February, 2009
Author: K.S.Radhakrishnan
Bench: K.S.Radhakrishnan
TAXAP/108520/2008 1/2 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 1085 of 2008
=============================================
COMMISSIONER OF INCOME TAXII, Appellant(s)
Versus
METROCHEM INDUSTRIES LTD. Opponent(s)
=============================================
Appearance :
MRS MAUNA M BHATT for Appellant(s) : 1,
None for Opponent(s) : 1,
=============================================
CORAM : HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN
HONOURABLE MR.JUSTICE AKIL KURESHI
Date : 09/02/2009
ORAL ORDER
(Per : HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN) Heard learned counsel for the appellant. Following substantial questions of law arise for consideration in this appeal:
"A. Whether the Appellate Tribunal is right in law and on facts in holding that foreign exchange fluctuation and duty drawback is an income derived from industrial undertaking, eligible for deduction u/s.80I and 80IA of the Act and thereby directing the Assessing Officer to consider the claim of the assessee upon necessary material to be placed on record by the assessee?
B. Whether the Appellate Tribunal ought not to have appreciated that foreign exchange fluctuation and duty drawback cannot be stated to be "derived from" industrial undertaking and, therefore, not eligible for deduction u/S.80I and 80IA of the Act? C. Whether the Appellate Tribunal is right in law and on facts in reversing the order of the CIT(A) and holding that discount/kasar can be stated to be derived from industrial undertaking, therefore, eligible for deduction u/s.80I and 80IA of the Act?
D. Whether the Appellate Tribunal is right in law and on facts in holding that only the net interest is required to be excluded while calculating deduction u/s.80I and 80IA of the Act? E. Whether the Appellate Tribunal is right in law and on facts in holding that laboratory sample testing charges and sales tax setoff income form part of eligible profit for the purpose of computation of deduction u/s.80HHC of the Act?"
TAXAP/108520/2008 2/2 ORDER
Admit.
Issue notice to the other side. Additional Paper Book, if any, be filed within three months from today.
(K.S. RADHAKRISHNAN, C.J.) (AKIL KURESHI, J.) [sn devu] pps