Deduction claimed u/s, 80-IA not to be reduced from the profits of business while computing deduction under section 80HH

Facts •           The taxpayer is engaged in the business of manufacture of empty hard gelatin capsules and PVDC capsules. •           The taxpayer had set up four industrial undertakings in Mumbai and two in Pune. •           One undertaking in Mumbai and one in Pune were eligible for deduction under section 80-IA and section 80HHC of the Income-tax Act (“ITA”). •           During the assessment year 2003-04, the taxpayer claimed deduction under section 80-IA at 30 percent of the profits and gains derived from the business and deduction unde...