Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 701 - HC - Income TaxEntitlement of deduction u/s 80HHC on export of zinc oxide - Whether there was any material before the Tribunal to hold that the assessee was entitled to deduction u/s 80HHC of the Income Tax Act, 1961, in respect of export of zinc oxide – Held that:- The export was made to a Hong Kong party whose name and details stand mentioned - The export proceeds were specified in U.S. Dollars - The Bank Realisation Certificate was filed and upon receipt converted into Indian Rupees - The paper-book has not been filed by the Revenue and no comment could be made on the contents of the documents and what was stated and apparent from them - the Tribunal has not considered their contention that Zinc Oxide is a mineral and therefore in terms of Sub-Section (2) to Section 80HHC of the Act, the export proceeds were not eligible – thus, the matter is to be remitted back to the Tribunal for consideration of the issue that whether the exported goods were a “mineral” and therefore, not eligible for deduction in view of Section 80HHC (2)(b)(ii) of the Act – Decided in favour of revenue.
|