Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 617 - HC - Income TaxEntitlement to deduction under Section 80HHC - as per revenue the profit must have been derived by the assessee from the export of goods on merchandise - whether the written back provision and liabilities written back do not qualify for deduction - Held that:- As rightly found by the Tribunal, the credits aggregating to ₹ 29.45 lakhs, represents the write back of expenditure debited to the profit and loss account for an earlier year/years claimed as business expenditure, and written back on being found as having been provided for (and claimed) in excess, i.e. to that extent. In other words, these are amounts which were expenditure debited from the profits earned by the assessee from the export of goods on merchandise. When such amounts are written back, it still should retain the character of profit derived by the assessee from export. If that be so, the assessee would be entitled to deduction under Section 80HHC as held by the Tribunal. Therefore, we do not find any merit in the contentions. - Decided in favour of assessee.
|