Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (8) TMI 576 - MADRAS HIGH COURTDeduction under section 80HHC of the Income-tax Act - assessee filed a return of income - selected for scrutiny and notice under section 143(2) of the Act - Assessing Officer, inter alia, rejected the claim of deduction under section 80HHC of the Act - and provisions of section 50C of the Act and thereby reducing the capital loss to be carried forward - explanation offered by the assessee was rejected on the premise that section 50C of the Act makes it obligatory on the part of the Assessing Officer to treat the value adopted by the stamp valuation authority as the deemed sale consideration received/accrued as a result of transfer - Held that: - 80HHC stipulates a deduction in respect of export profits - Assessing Officer to compute such export profits from out of the consolidated amount of income of the asses-see, which may involve income by way of interest, rent, commission, etc., the Legislature has provided a simple procedure under which 90 per cent. of the receipts such as interest, rent, commission, brokerage, etc., shall be excluded as profits not attributable to exports - Assessing Officer to compute such export profits from out of the consolidated amount of income of the asses-see, which may involve income by way of interest, rent, commission, etc., the Legislature has provided a simple procedure under which 90 per cent. of the receipts such as interest, rent, commission, brokerage, etc., shall be excluded as profits not attributable to exports - assessee was provided with the valuable opportunity under sub-sections (2) and (3) of section 50C in addition to the opportunity given under the Stamp Act. Even that opportunity has not been availed of by the assessee. The reasoning given the assessee has no locus standi to question the value determined by the stamp authority is also not in accordance with law - Appeal is dismissed
|