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2007 (8) TMI 470 - MADRAS HIGH COURTDeduction under section 80HHC - Assessing Officer, disallowed the claim of the assessee pertaining to expenditure on farm, building tax, voluntary retirement scheme - restricted the depreciation claim on machinery purchased from IDBI and also recomputed the deduction under section 80HHC by excluding the cash compensatory support from the business profit - Explanation (baa) to section 80HHC of the Act, effective for the assessment year under appeal, states that 90 per cent. of the cash compensatory support would have to be deducted from the profits for working out the export profits - Held that: - Explanation (baa) to section 80HHC of the Act, effective for the assessment year under appeal, states that 90 per cent. of the cash compensatory support would have to be deducted from the profits for working out the export profits - order of the Tribunal has to be set aside and the matter should be remitted back to the Tribunal for reconsideration of the issue in accordance the statutory provision which was available during the relevant assessment period
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