- (1.) THIS is an appeal filed by the assessee raising following substantial questions of law, arising out of order passed by the 2005, for the asst. yr. 1998 -99, for opinion of this Court : "1. Whether on facts and circumstances of the case, the Tribunal was right in law in coming to the conclusion that for the purpose of computing the quantum of deduction under s. 80HHC of the Act, the term 'profit' as contemplated in sub - s. (3) of s. 80HHC would encompass within its ambit only 'positive figure' and therein where the same is a 'negative figure', the same ought not to be increased by the amount specified in the 'proviso' to the said sub -section, and therein disentitling the assessee from his very entitlement towards the claim of deduction under s. 80HHC of the IT Act, 1961 ? 2. Whether in the facts and circumstances of the case, the Tribunal is right in law in coming to the conclusion that the term 'Profit' represents only 'plus income', and therein excludes from the scope of its ambit 'minus income' -
(2.) WE have perused the order passed by the Tribunal. While accepting the plea raised by the Revenue, the Tribunal relied upon a judgment of Hon'ble the Supreme Court of India in IPCA Laboratory Ltd. vs. Dy. CIT (2004) 187 CTR (SC) 513 : (2004) 266 ITR 521 (SC) and held as under : "The word 'profit' in sub -ss. (1) and (3)(a) and (b) of s. 80HHC means a positive profit. In other words, if there is a loss then no deduction would be available under sub -s. (1) or sub -s. (3)(a) or sub -s. (3)(b). In arriving at the figure of positive profit, both the profits and the losses will have to be considered. If the net figure is a positive profit then the assessee will be entitled to deduction; if the net figure is a loss then the assessee will not be entitled to deduction." As the issue raised by the appellant is squarely covered by the judgment of Hon'ble the Supreme Court in IPCA Laboratory Ltd.'s case (supra), we do not find that any substantial question of law arises in the appeal.
(3.) ACCORDINGLY , the appeal is dismissed.;