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The Commissioner of Income Tax Versus Olam Exports (India) Ltd.

2017 (8) TMI 617 - KERALA HIGH COURT

Entitlement to deduction under Section 80HHC - as per revenue the profit must have been derived by the assessee from the export of goods on merchandise - whether the written back provision and liabilities written back do not qualify for deduction - H .....

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n being found as having been provided for (and claimed) in excess, i.e. to that extent. In other words, these are amounts which were expenditure debited from the profits earned by the assessee from the export of goods on merchandise. When such amount .....

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contentions. - Decided in favour of assessee. - ITA. No. 165 of 2012 - Dated:- 3-8-2017 - Antony Dominic And Shircy V., JJ. For the Petitioner : Sri. P. K. R. Menon JUDGMENT Antony Dominic, J. This Appeal is filed by the Revenue against the order pa .....

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Assessing Officer found that in computing deductions under Section 80HHC, 90% of Miscellaneous receipts of ₹ 33,45,844/-, Written back of provisions/credits of ₹ 60,646/- and Liabilities written back of ₹ 28,84,535/-, were omitted t .....

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ntified at ₹ 36,53,949/-. The assessee filed an appeal and by Annexure-B order, the Commissioner of Income Tax held that the Assessing Officer was not justified in excluding 90% of the provision and liability written back, amounting to ₹ .....

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he questions of law framed for consideration of this Court read as under: 1. Whether on the facts and in the circumstances of the case has not the Tribunal erred in confirming the CIT(A)'s decision in directing the Assessing Officer to recompute .....

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itten back which have no direct nexus with the business profits of the current year is not to be excluded from the profit of the business in accordance with clause (1) of explanation (baa) to section 80HHC? 3. Whether on the facts and in the circumst .....

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appearance or representation for the assessee. 3. After hearing the counsel for the Revenue, we find that the contention of the Revenue is that to qualify for deductions under Section 80HHC, the profit must have been derived by the assessee from the .....

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