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2023 (4) TMI 901 - SCH - Income TaxComputation of deduction u/s 80-HHC - Deduction in respect of profits retained for export business - amendments made to Section 80-HHC(3) vide Finance (No. 2) Act, 1991, substituting sub-section (3) to Section 80-HHC of the 1961 Act and prescribing a different formula - HELD THAT:- Computation of deduction u/s 80-HHC would be made as per clause (b) to sub-section (3) to Section 80-HHC of the 1961 Act, as it existed before substitution and amendment by Finance (No. 2) Act, 1991; Treatment/head of income from sale of shares - As for assessment year 1989-1990 for the purpose of Section 80-HHC(3) of the 1961 Act, income/profit earned from sale of shares would be included in the amount which bears to the profits of the business as computed under the head ‘profits and gains of business or profession’. The receipt/gross amount from sale of shares would be included in the total turnover; and Income by way of interest in the assessment years 1989- 1990, 1990-1991 and 1991-1992, being income taxable under the head ‘income from other sources’, would be compulsorily excluded for the purpose of computation of deduction under Section 80-HHC(3) of the 1961 Act.
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