Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters
Court :
SUPREME COURT OF INDIA
Brief :
Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Assessment year 1992-93 - Whether term ‘profit’ in section 80HHC both in sub-section (1) and in sub-section (3) means a positive profit worked out after taking into consideration losses, if any in exports of both self manufactured goods as well as trading goods - Held, yes
Interpretation Statute : Rule of liberal interpretation
FACTS
The assessee’s claim of deduction under section 80HHC was disallowed on the ground that the profits of the business computed as per said section indicated a negative figure. On appeal, the Commissioner (Appeals) confirmed the impugned order. On second appeal, the Tribunal allowed the assessee’s appeal
On reference, the High Court, decided the same in revenue’s favour.
On appeal to the Supreme Court:
Citation :
A. M. MOOSA
v.
COMMISSIONER OF INCOME-TAX, TRIVANDRUM
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