Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1262 - HC - Income TaxDeduction u/s 80HH or 80HHC - Held that:- We refrain from passing any positive direction except to state the correct legal position. In fact, the assessee while challenging the assessment order before the Commissioner of Income Tax (Appeals), in the memorandum of grounds, has specifically stated that the Assessing Officer erred in not granting proper deduction under Section 80HHC of the Act and in particular, the Assessing Officer is not right in excluding exchange gain of ₹ 2,58,204/- from export turnover and DEPB of ₹ 36,48,697/- in computing Profits of the Business. The tax case appeal is allowed and the order passed by the Tribunal is set aside. Consequently, the order passed by the Commissioner of Income-tax (Appeals) is set aside and the matter is remanded to the Assessing Officer to apply the decision in the case of CIT v. Avani Exports (2015 (4) TMI 193 - SUPREME COURT) and proceed to grant proper deduction to the assessee under Section 80HHC of the Act. - Decided in favor of assessee.
|