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2003 (3) TMI 78 - HC - Income TaxAt the outset, learned counsel for the petitioners has withdrawn the challenge to the vires of Explanation (aa) added to sub-section (4B) of section 80HHC of the Income-tax Act, 1961. He simply prayed that the petitioners are entitled for the benefit of section 80HHC of the Act. - As learned counsel for the petitioners has not pressed the ground challenging the validity of clause (aa) of Explanation 2 to sub-section (4B) of sec tion 80HHC of the Act, the same prayer is rejected. - There is no dispute between the parties that the transactions of counter sales effected by the petitioners involved customs clearance within the meaning of Explanation (aa) to section 80HHC(4B) of the Act and further that the sales were in convertible foreign exchange. - In the result, we are of the view that the assessee is entitled for the benefit under section 80HHC of the Income-tax Act, 1961.
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