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2010 (1) TMI 916 - AT - Income TaxDeductions under s. 80HHC of the IT Act, 1961 - AO disallowed the assessee its claim of deduction under s. 80HHC in view of the absence of any positive income, i.e., prior to export benefits - amendment by the Taxation Laws (Amendment) Act, 2005 with retrospective effect from 1st April, 1992, inserting the fifth proviso to s. 80HHC(3), a set off of the export benefits against the negative income, i.e., 'profits of the business', is permissible to the extent of 90 per cent of the sums assessable under ss. 28(iiia) to 28(iiie) of the Act, so that the condition of a positive figure of such profit for the eligibility of the claim for deduction under s. 80HHC - Held that:- matter remanded back to AO for working out the assessee's income for the year in light of the amended law, i.e., qua s. 80HHC,
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