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2019 (12) TMI 217 - HC - Income TaxDeduction u/s 80HHC - Tribunal upholding the action of the AO deducting 90% of the income from truck hire charges, barge hire charges, ore processing receipts, trans-shipper loader charges, machinery hire charges and launch hire charges while computing the profits of the business in accordance with Clause (baa) of the Explanation below Section 80HHC. Such deduction ought to have been made on the basis of net receipts and not gross receipts as held in the case of ACG Associated Capsules (P) Ltd. vs. Commissioner of Income Tax [2012 (2) TMI 101 - SUPREME COURT] . The impugned orders are modified accordingly. Adding of losses from export of trading goods in respect of disclaimed turnover to the profit eligible for deduction u/s 80HHC - HELD THAT:- Issue covered in favour of the assessee and against the revenue in terms of our decision in the case of The Commissioner of Income Tax vs. V. M. Salgaonkar & Brothers Ltd. & anr. [2012 (4) TMI 344 - BOMBAY HIGH COURT] . Incidentally, all these appeals were in the case of the present assessee and the ITAT had in fact held in favour of the present assessee. The appeals instituted by the revenue were accordingly dismissed.
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