Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (8) TMI 405 - CALCUTTA HIGH COURTDeduction u/s 80HHC - whether for the purpose of computation in terms of sub-section (3) of Section 80HHC after the amendment, each of the businesses of the assessee should be separately computed or it should be computed on the basis of profit arising out of all the businesses of the assessee - The adjusted profit of the business means a profit as reduced by the profit derived from business of exports out of India of trading goods. Thus in calculating the profits, under Subsec. (3)(c)(i), one necessarily has to reduce by profits under Subsec. (3)(c)(ii). As seen above the term "profit" means positive profit - In S. 80-HHC(1) it is admittedly used to indicate positive "profit" because the deduction will only be of a positive profit. Section 80-HHC(3) is the sub-section which provides how profits are to be worked out in computing total income - Decided against the assessee
|