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2014 (9) TMI 210 - HC - Income TaxClaim of benefit of deduction u/s 80HHC – Export of handicraft items – Held that:- The goods were not exported, before the cut of date, only invoices were prepared anti dated - the claim of the assesses is a colourable device to get the benefit u/s 80HHC of the Act - No benefit u/s 80HHC can be extended on the basis of invoice alone - To claim the benefit, export clearance certificate is must as per Customs Act, 1962 - any sale transaction will become part of turnover only after getting custom clearance and the whole transaction should get completed during the assessment year under consideration even the assessee is following the Mercantile System of Accounting – the action of the AO reducing the export turnover declared in the books of account filed by the assessee by the amount of bills for which bills lading were issued beyond the end of accounting year was found to be justified – the order of the Tribunal is upheld – Decided against Assessee.
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