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2015 (8) TMI 523 - SUPREME COURT

2015 (8) TMI 523 - SUPREME COURT - [2015] 373 ITR 162 (SC) - Entitlement to deduction u/s 80HHC - Profits derived from export - assessee had exported tea and had received sale proceeds in foreign exchange - AO found that there was a loss from Kerala tea and only a small profit from Tamil Nadu tea. The net result of trading in tea was a loss. The business income included in the total income is actually the income from the other activities and income from services rendered. After setting off the l .....

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h Court [2003 (3) TMI 24 - KERALA High Court] is accordingly set aside and the order of the Assessing Officer is restored. - Decided against assessee. - Civil Appeal No. 5539 of 2004. - Dated:- 10-4-2015 - A. K. SIKRI AND ROHINTON FALI NARIMAN, JJ. Dhruv Mehta, Senior Advocate ( Ms. Rekha Pandey, Ms. Gargi Khanna and Mrs. Anil Katiyar for B. V. Balaram Das, Advocates, with him), Advocates, for the appellant K. Rajeev, Advocate (NP) for the respondent ORDER 1. The respondent-assessee is a public .....

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tion under section 80HHC to the extent of ₹ 16,27,562. The deduction was restricted to the profits derived from export. For this purpose, the profit derived from export had been calculated in accordance with sub-section (3) of section 80HHC. However, the provisions of section 80AB was also applicable. 3. While completing the assessment under section 143(3), it was found that there was a loss from Kerala tea and only a small profit from Tamil Nadu tea. The net result of trading in tea was a .....

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