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2014 (4) TMI 678 - HC - Income TaxInterpretation of section 80HHC(3) of the Act - Scope of the Business of assessee - Whether the word 'business' u/s 80HHC(3) of the Act means all businesses of an assessee or only that business, which is partly or fully doing export business – Held that:- There is no dispute that the formula is, Profit of the business is Export turnover Total turnover of the business - the word 'business' has the same meaning as in the word 'profits of the business' as well as the 'total turnover of the business' provided , 'Profit of the business' means the profits of the business of that unit only, which is fully or partly doing export business namely the SE-Unit , then the 'total turnover of the business' will also mean the total turnover of the SE-Unit only; and 'Profits of the business' means total profits namely profits from the SE-Unit and F-Unit, then the 'Total turnover of the business' will include turnover of both of them. The meaning of the word 'business' used in section 80HHC(3) of the Act is confined only to export oriented unit namely the SE-Unit or to all the businesses carried out by the Assessee namely the SE-Unit as well as the F-Unit is to be determined - use of the word 'total' in section 80HHC(3) of the Act signifies that it is not limited to a particular unit but refers to all the businesses carried on by the Assessee - The decision in GJ. Fernandez Versus ACIT [2010 (10) TMI 843 - Karnataka High Court] followed - the word 'export turnover' is also defined in explanation (ba) - It excludes certain amounts mentioned - it does not exclude the turnover of the business other than the one doing export business - the word 'business' means the all businesses carried on by the Assessee and it is not limited to the export oriented unit namely the SE-Unit - decided in favour of Revenue.
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