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2015 (8) TMI 523 - SC - Income TaxEntitlement to deduction u/s 80HHC - Profits derived from export - assessee had exported tea and had received sale proceeds in foreign exchange - AO found that there was a loss from Kerala tea and only a small profit from Tamil Nadu tea. The net result of trading in tea was a loss. The business income included in the total income is actually the income from the other activities and income from services rendered. After setting off the losses from tea the deduction is not permissible as section 80AB is to be applied - HC allowed assessee claim of deduction - Held that:- As relying on case of Jeyar Consultant and Investment Pvt. Ltd. v. CIT reported in [2015 (4) TMI 195 - SUPREME COURT] wherein it is categorically held that to avail of the benefit of section 80HHC of the Income-tax Act there has to be positive income from the export business. The said judgment in our opinion squarely covers the present case. The order of the High Court [2003 (3) TMI 24 - KERALA High Court] is accordingly set aside and the order of the Assessing Officer is restored. - Decided against assessee.
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