TMI Blog2019 (12) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... fits of the business in accordance with Clause (baa) of the Explanation below Section 80HHC. Such deduction ought to have been made on the basis of net receipts and not gross receipts as held in the case of ACG Associated Capsules (P) Ltd. vs. Commissioner of Income Tax [ 2012 (2) TMI 101 - SUPREME COURT] . The impugned orders are modified accordingly. Adding of losses from export of trad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sonak, J.) 1. Heard Mr. A. F. Diniz, learned Counsel for the appellant and Ms. Amira Razaq, learned Standing Counsel for the Department. 2. This appeal was admitted on 05.09.2011 on the following substantial questions of law : (i) Whether on the facts and in law, the Tribunal was right in upholding the action of the Assessing officer of deducting 90% of the income f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) Whether the Tribunal was right in law in holding that Clause (baa) of the Explanation below Section 80HCC, requires 90 % of the gross receipts instead of net receipts when the only controversy before it was the manner of computation of net receipts? iv) Whether on the facts and in law, the Tribunal was right in not permitting adding of losses from export of trading goods in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re concerned, the same are covered by our separate judgments and orders dated 22.11.2019 passed in TXA No.21 of 2011 and TXA No.28 of 2011. For the reasoning recorded therein, we hold that the Tribunal was right in upholding the action of the Assessing Officer of deducting 90% of the income from truck hire charges, barge hire charges, ore processing receipts, trans-shipper loader charges, machiner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Appeal Nos.5, 6 and 7 of 2002 . Incidentally, all these appeals were in the case of the present assessee and the ITAT had in fact held in favour of the present assessee. The appeals instituted by the revenue were accordingly dismissed. The substantial question of law at (iv) is consequently answered in favour of the assessee-appellant and against the revenue-respondent. The impugned order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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