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2014 (9) TMI 428 - HC - Income TaxComputation of deduction u/s 80HHC on export profits - cash compensatory support, duty draw back and profit on sale of import entitlement licences that insurance, machinery hire charges, interest on deferred payment on export and interest on inter-corporate loans forms part of turnover or not – Held that:- The findings of the Tribunal is erroneous in view of Finance Act, 1991 w.e.f. 1.4.1991, where clause (ba) of Explanation to Section 80HHC was inserted and made it clear that the expression 'total turnover' shall have its effect, as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28, on or after 1.4.1991 and not before - if the assessee is able to establish that amount is not relatable to freight or insurance attributable to the transport of the goods or merchandise beyond the customs station, then only the assessee will be entitled to move before the Assessing Authority and establish it as a matter of fact and claim the benefit – thus, the matter is remitted back to the AO – Decided in favour of revenue.
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