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2010 (6) TMI 587 - HC - Income TaxComputation of deduction u/s 80HHC worked out by the AO based on the export turnover (FOB) minus direct cost minus indirect cost cannot be taken into account. - AO can Value of exports (FOB) otherwise than given in the audit report submitted. - Section 80HHC does not contemplate exclusion of freight and insurance expenditure from both export turnover and total turnover. - the said authorities rightly did not exclude the freight and insurance charges within the computation of export turnover in the instant case arriving at a figure for the purpose of computation under section 80HHC of the Act. - Decided in favor of revenue.
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