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2010 (3) TMI 844 - AT - Income TaxComputation of profit for eligible deduction under 80HHC - Export turnover 60149288- foreign exchange bought in 31868248 Total purchases 8083698- purchases in respect for exchange bought in - 3221098 - Ao took total purchases 8083698 while computing profit - where the export out of India is of trading goods, the profits derived from such export shall be the export turnover in respect of such trading goods as reduced by the direct cost and indirect costs attributable to such export'. Since in the instant case the figure of export sales is being taken at Rs. 3,18,68,248 the direct cost and the indirect cost will be taken with regard to these exports only. The words used in clause (b) of section 80HHC(3) are 'the direct cost and indirect costs to such export'. This means the direct and indirect costs are to be taken with regard to the export sales which are eligible for deduction under section 80HHC. Use of words 'such export' makes it very clea
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