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2014 (12) TMI 1009 - AT - Income TaxClaim of deduction u/s 80HHC – Export incentives to be considered as part of profits or not - Held that:- Against the claim of deduction u/s 80HHC of ₹ 7,29,536/- of the Assessee, the claim of deduction was recalculated by A.O at ₹ 83,773/- in view of the amendment made by Taxation Laws Amendment Act, 2005 – Following the decision in Avani Exports vs. CIT [2012 (7) TMI 190 - GUJARAT HIGH COURT] wherein the amendment is quashed made by the Taxation Law and (Amendment) Act, 2005 with retrospective effect from 1st April 1998 by adding, second, third, fourth & fifth proviso to Section 80HHC(3) and held that the operation of the said section could be given effect from the date of amendment and not in respect to earlier assessment years of the assessees whose export turnover is above ₹ 10 crore - revenue has not brought any binding contrary decision in its support – thus, AO could not have reduced the claim of deduction of Assessee u/s. 80HHC – Decided in favour of assessee.
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