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1 - 7 of 7 (0.24 seconds)National Hydroelectric Power ... vs Commr.Of Income Tax on 5 January, 2010
Since no addition can be raised except this
according to special provision mentioned in the provision u/s 115JB
of the Act, therefore, the finding of the CIT(A) is not justifiable, hence,
by relying upon the law mentioned above i.e., Apollo Tyres Ltd. Vs.
CIT (2002) ITR 273 (SC) and National Hydroelectric Power
Corporation Ltd. Vs. CIT (2010) 187 Taxman 193 (SC), we set aside
the finding of the CIT(A) on this issue and allowed the claim of the
assessee."
Apollo Tyres Ltd. vs Commissioner Of Income Tax, Kochi on 2 May, 2002
Since no addition can be raised except this
according to special provision mentioned in the provision u/s 115JB
of the Act, therefore, the finding of the CIT(A) is not justifiable, hence,
by relying upon the law mentioned above i.e., Apollo Tyres Ltd. Vs.
CIT (2002) ITR 273 (SC) and National Hydroelectric Power
Corporation Ltd. Vs. CIT (2010) 187 Taxman 193 (SC), we set aside
the finding of the CIT(A) on this issue and allowed the claim of the
assessee."
Section 55 in The Companies Act, 1956 [Entire Act]
Section 48 in The Companies Act, 1956 [Entire Act]
The Commissioner Of Income Tax vs M/S Foresee Information Systems(P)Ltd on 12 February, 2014
15. The CIT(A) has decided the matter of controversy on the basis of his
earlier adjudication before the CIT(A). Moreover, this issue is also decided
by Hon'ble Supreme Court in the case of CIT Vs. Bhari Information
Technology Systems (P) Ltd. (2012) 340 ITR 593 (SC) in which it is
specifically held that the reduction claim u/s 80HHC had to be worked out
on the basis of adjusted book profit u/s 115JB of the Act and not on the
basis of profits computed under regular provisions of law applicable to
computation of profits and gains business. Taking into account of all the
facts and circumstances, we are of the view that the finding of the CIT(A) is
quite justifiable which is not liable to be interfered with at this appellate
stage. Accordingly, this issue is decided in favour of the assessee against
the revenue.
Union Of India And Others vs Kamlakshi Finance Corporation Ltd. on 24 September, 1991
In the matter of Union of India v. Kamlakshi Finance Corporation
Ltd., AIR 1992 SC 711, the Supreme Court held amongst other as
follows (page 712) :
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