Section 80-IA relief has to be deducted before computing section 80-HHC relief

SUMMARY OF CASE LAW:- In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that relief allowed u/s 80-IA had to be deducted from profits and gains of assessee’s business on which relief u/s 80HHC of the Act is to be computed. Subsequently, the Madras High Court in SCM Creations 304 ITR 319 took a contrary view. The question whether Rogini Garments was impliedly overruled was referred to a five Member Special Bench which upheld the correctness of Rogini Garments and held: (1) SCM Creations is not an authority on how s. 80-IA (9) is to be applied because the effect and implem...