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COMMISSIONER OF INCOME-TAX Versus HARRISON MALAYALAM LTD.

2015 (8) TMI 523 - SUPREME COURT

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 resu .....

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AB is to be applied - HC allowed assessee claim of deduction - Held that:- As relying on case of Jeyar Consultant and Investment Pvt. Ltd. v. CIT reported in [2015 (4) TMI 195 - SUPREME COURT] wherein it is categorically held that to avail of the ben .....

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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 Kha .....

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des trading activities. The assessee had an export turnover of ₹ 7,24,99,271. The total turnover of the assessee came to ₹ 40,82,91,806. The assessee had exported tea and had received sale proceeds in foreign exchange. The assessee claime .....

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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. .....

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tually the income from the other activities and income from services rendered. After setting off the losses from tea the learned Assessing Officer, vide his order dated March 19, 1990, held that the deduction is not permissible, as section 80AB is to .....

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not justified in estimating the value of unyielding rubber trees as on January 1, 1974, at ₹ 100 and according to the appellant it cannot be less than ₹ 200. However, he dismissed the appeal on the grounds pertaining to the claim of redu .....

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