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2008 (6) TMI 357 - HC - Income TaxDeduction under section 80HHC - appellant-company, engaged in the business of processing and exporting sea foods, filed its return of income - income under the head "Capital gains" and under the head of "Profits and gains of business", which was reduced to nil after claiming the entire income as deduction under section 80HHC of the Act - AO denied the deduction under section 80HHC - Assessing Officer excluded 90 per cent. of the processing charges, lease rent receipts, sale of DEPB licence and additional consider-ation in excess of FOB from the profits of business under section 80HHC(4C), Explanation (baa)(1) which resulted in the negative figure - Both the parties agreed that the issue is covered by the decision of the hon'ble Supreme Court in the case of IPCA Laboratory Ltd. [2004] 266 ITR 51 - Held that: - following the decision of the hon'ble Supreme Court, we hold that the assessee is not entitled for deduc-tion under section 80HHC - Appeal is dismissed
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