TMI Blog2003 (3) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit of section 80HHC of the Act. - As learned counsel for the petitioners has not pressed the ground challenging the validity of clause (aa) of Explanation 2 to sub-section (4B) of sec tion 80HHC of the Act, the same prayer is rejected. - There is no dispute between the parties that the transactions of counter sales effected by the petitioners involved customs clearance within the meaning of E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Kuhad, learned counsel appearing for the petitioners, relied on the decision of this court in ITO v. Vaibhav Textiles [2002] 258 ITR 346 and also the decision of their Lordships in the case of CIT v. Silver and Arts Palace [2003] 259 ITR 684 (SC) (Civil Appeal No. 4478 of 2001, decided on December 18, 2002). At the outset, learned counsel for the petitioners, Mr. Kuhad, submits that he does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er is rejected. There is no dispute between the parties that the transactions of counter sales effected by the petitioners involved customs clearance within the meaning of Explanation (aa) to section 80HHC(4B) of the Act and further that the sales were in convertible foreign exchange. In the result, we are of the view that the assessee is entitled for the benefit under section 80HHC of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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