TMI Blog2004 (4) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... vance of the assessee is against disallowance of deduction of Rs. 3,24,727 claimed under s. 80HHC of the IT Act, 1961 (the Act). 2. The assessee is a 100 per cent exporter and had shown a profit of Rs. 3,24,747 in its P L a/c. An equal amount of deduction was claimed under s. 80HHC of the Act by the assessee. The impugned amount was export realisation of export sales effected in earlier years. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ories and hence was part of the total turnover only. In support of his contentions, the learned counsel relied on several decisions of the Tribunal. The learned Departmental Representative relied on the orders of the authorities below. 4. On due consideration of the matter, we are of the view that the assessee deserves to succeed. The term "total turnover" has been defined in a negative manner n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipt of foreign currency remains the same, i.e., it remains attributable to the export effected by the assessee. Whether there is a profit or a loss, it ultimately goes to increase or reduce the figures of export turnover recorded initially by the assessee in its books of account. In view of this position of law, we uphold the claim of the assessee and direct that the assessee be granted deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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