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2006 (2) TMI 123 - HC - Income TaxDeduction under section 80HHC - "Whether Tribunal was right in law in holding that the assessee engaged in export of granite is eligible for deduction under section 80HHC for the assessment years 1987-88 and 1988-89?" - amendment brought by the Finance (No. 2) Act of 1991 to section 80HHC of the Income-tax Act is only prospective and effective from April 1, 1991, and for the assessment years 1987-88 and 1988-89 under consideration, the statutory provision is very clear in the sense that section 80HHC is not applicable to the export of granite. Accordingly, we hold that the Tribunal was not right in law in holding that the assessee engaged in export of granite is eligible for deduction under section 80HHC for the assessment years 1987-88 and 1988-89.
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