( 1 ) IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.413 OF 2003 INCOME TAX APPEAL NO.413 OF 2003 INCOME TAX APPEAL NO.413 OF 2003 Excel Industries Ltd. .. Appellant Vs. Dy.Commissioner of Income Tax .. Respondent Ms.Vasanti B.Patel for the Appellant. Mr.Anamika Malhotra for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & CORAM :- DR.S.RADHAKRISHNAN & CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. S.J.KATHAWALLA, JJ. S.J.KATHAWALLA, JJ. DATE : 24th July, 2008 DATE : 24th July, 2008 DATE : 24th July, 2008 P.C. P.C. P.C. 1. Heard the learned Counsel for the parties. This appeal arises out of an Assessment Year 1990-1991. On 16th October, 2004 this Appeal came to be admitted on the following substantial question of law:- "Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in excluding the ‘other income’ from the profits of the business in terms of Explanation (baa) to Section 80HHC? 2. The learned Counsel for both the parties categorically state that the above issue has been now squarely answered in favour of the Assessee by the judgment of the Hon’ble Supreme Court in the case of K.K.Doshi & Co.V/s.CIT - 297 ITR 38 (SC), K.K.Doshi & Co.V/s.CIT - 297 ITR 38 (SC), K.K.Doshi & Co.V/s.CIT - 297 ITR 38 (SC), wherein the Supreme Court has categorically held that in view of the CBDT Circular dated 19.12.1991 the amendment to Section 80 HHC by the Finance (No.2) Act, 1991, which came into ( 2 ) effect from 1st April, 1992 will be prospective in nature and not retrospective. 3. In view threreof, the aforesaid question of law raised in this Appeal is answered in the negative, in the sense, against the Revenue and in favour of the Assessee. Appeal stands disposed of. (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.) (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.) (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.)