IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO. 58 OF 2002 THE COMMISSIONER OF INCOME TAX ... Appellant Versus M/S PHIL CORPORATION LTD. AND ANR. ... Respondent Ms. A. Dessai, Advocate for the Appellant. Mr. M. S. Sonak, Advocate for respondent no.1. Coram:- D. G. KARNIK & F. M. REIS, JJ. Date:- 30th August, 2010 P.C. Heard both counsel for the parties. 2. The appeal has been admitted vide order dated 8.7.2002 on the following substantial question of law:- " Whether on the facts and in the circumstances of the case, the ITAT was right in directing the Assessing Officer to allow deduction under section 80(IA) pertaining to Konica Film Unit without deducting depreciation under section 32 of the Income Tax Act?" 3. In our view matter is covered by the decision of the full bench in case of Plastiblends India Limited Vs. Additional Commissioner of Income Tax and others. The full bench held that quantum of deduction allowable under section 80-IA of the Income Tax Act has to be determined by computing the total income from the business after taking into consideration all deductions allowable under section 30 to 43D of the Income Tax Act. The full bench has further held that whether the assessee had claimed the deductions allowable under section 30 to 43D of the Income Tax Act or not, the quantum of deduction under section 80-IA has to be determined on the total income computed after deducting all deductions allowable under section 30 to 43D of the Act. 4. In view of the decision of the full bench, the appeal has to be allowed and order of ITAT has to be quashed and set aside. Accordingly appeal is allowed and impugned order is set aside. Matter is remanded back to the Assessing Officer for computation of income in accordance with law. D. G. KARNIK, J. F. M. REIS, J. vn