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2004 (12) TMI 63 - HC - Income TaxComputing the deduction under section 80HHC - "whether Tribunal was correct in directing the Assessing Officer to exclude the freight, insurance, etc., beyond the customs point from the amount of 'direct costs' while computing the deduction under section 80HHC?" – Held that Assessing Officer shall assess in terms of the direction by the Income-tax Appellate Tribunal in the light of the observation made in this judgment by excluding the freight and insurance after the customs point in order to arrive at the export turnover and then for the purpose of arriving at the profit for export, the export turnover is to be reduced by the direct and indirect costs attributable to such export which do not include freight and insurance after the customs point once excluded for arriving at the export turnover - Question is answered in the affirmative in favour of the assessee.
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