1 itxa13-09 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.13 OF 2009 The Commissioner of Income Tax – 8, Mumbai ..Appellant. Versus M/s.Valblanc Chemie Private Limited ..Respondent. Mr.Suresh Kumar for the appellant. Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar & Mrs.Mridula Bhatkar, JJ. DATE : 11th January, 2011. P.C. : 1. This appeal was admitted on 19th March 2009 on the following substantial questions of law : a) Whether the Tribunal is right in the context of the decision of the Hon’ble Supreme Court in the matter of Sterling Foods (23) ITR 579 (SC) holding that newly established industrial undertaking in backward area profits from sale of export entitlement is not Profit derived from industrial undertaking and is not includible in the income for computing deduction under Section 80IA while High Court of Gujarat hold different view ? b) Whether the Tribunal was right in interpreting the provisions of Section 80IA(9) and Section 80HHC of the Income Tax Act, 1961 in the way as it has ? 2. In so far as first question is concerned, learned counsel on both the sides state that the same has already been answered by this Court in the 2 itxa13-09 case of Associated Capsules Private Limited V/s. Dy. Commissioner of Income Tax (Income Tax Appeal No.3036 of 2010) decided on 10th January 2011 in favour of the assessee and against the Revenue. 3. In so far as second question is concerned, learned counsel on both the sides state that the same has already been answered by this Court in the case of Liberty India V/s. Commissioner of Income Tax reported in [2009] 317 ITR 218 (SC) in favour of the Revenue and against the assessee. 4. The Appeal is disposed off accordingly with a direction to the Tribunal to re-compute the deduction in the light of aforesaid decision of this Court. No order as to costs. (Mrs.Mridula Bhatkar, J.) (J.P. Devadhar, J.)