Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 328 - HC - Income TaxDeduction u/s 80HHC - HELD THAT:- In ACG Associated Capsules (P) Ltd. [2012 (2) TMI 101 - SUPREME COURT] the Hon'ble Supreme Court, has clearly held that deductions of the nature as are referred to in the substantial question of law at (ii) above, are permissible, such deductions are required to be made not on the gross receipts but on the net receipts. Substantial questions of law at (ii), (iv) and (v) will have to be answered by holding that the revenue was quite right in making the deductions referred to in the substantial question of law at (ii). However, such deductions ought to have been made on the basis of net receipts and not gross receipts. The substantial questions of law at (ii), (iv) and (v) are answered accordingly. The revenue will therefore have to rework the assessment on such basis and extend the necessary benefits, if any, to the appellant within a reasonable period. The impugned orders are modified accordingly. Tribunal not permitting adding losses from export of trading goods in respect of disclaimed turnover to the profit eligible for deduction under Section 80HHC - HELD THAT:- The substantial question of law at (vi) is consequently answered in favour of the assessee-appellant and against the revenue-respondent as relying on own case [2012 (4) TMI 344 - BOMBAY HIGH COURT] . The impugned orders are modified accordingly.
|