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2011 (10) TMI 483 - HC - Income TaxDeduction u/s 80HHC - assessee engaged in purchase, sale of non ferrous metals - purchases made from one country exported to another country at a margin of profit by arranging direct shipment from the purchasing country to the selling country - Revenue contended that for deduction u/s 80HHC, goods exported has to be of Indian Soil after crossing custom barrier - Held That:- Law does not require the goods to be physically exported out of India. When third country trade is a feature of Exim Policy deduction cannot be denied as exports were not made ex-India. It is undisputed that the assessee had earned foreign exchange for the country. The focus and emphasis of foreign policy is to increase the foreign reserves of the country. "Export" literary means sending goods to another country. So, the word "export" does not mean only sending goods out of one's own country to another. The wording under 80HHC is different from 80HHE. Thus assesses entitled to benefit u/s 80HHC - Decided in favor of assessee.
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