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2004 (8) TMI 13 - HC - Income TaxInterpretation of the provisions in section 80HHC - what should be the meaning given to the word "profit" in the proviso - When there is no difficulty in understanding the word used in the statute, it is not necessary to go and find out what is the nature of the provisions, so the word "profit" has to be given its natural meaning - profit mentioned in the proviso is clearly a profit and not loss - Whether Tribunal is right in law in holding that the payment received from the export houses under the agreements could not partake of the nature of receipt towards 'charges' mentioned in clause (baa) of Explanation to section 80HHC? - Held, no - we hold that the assessee did not have the statutory 'profit of business' as defined in the Explanation and, therefore, in terms of the main provisions of sub-section (3) he is not entitled to the deduction of such profit (which is nil) there being no profits - interpretation given by the Tribunal is not correct.
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