Section 80-HHC of the Income Tax Act

Commissioner of Income Tax vs. M/S Haryana Minerals Ltd

Commissioner of Income Tax, Pune vs. Shirke Construction Equipment Ltd

The appeal stands allowed accordingly

Bench: This Court In The Present Appeal Filed By The Revenue Was As To Whether The High Court Was Right In Affirming The Decision Of The Tribunal By Answering The Questions Framed By It Against The Revenue As To Whether Section 80-Ab Of The Income Tax Act, 1961 Can Be Applied To Section 80-Hhc Of The Act & Whether, In Determination E Of Business Profit Under Section 80Hhc Of The Act, The Unabsorbed Business Losses Of The Earlier Years Under Section 72 Of The Act Should Be Set Off. Allowing The Appeal Of Revenue, The Court Held: 1.1. Taking A Contrary View, This Court In The Decided Case Of F Ipca Laboratory Ltd V. Dy. Commissioner Of Income Tax, Mumbai Has Held That (I) Section 80-Hhc Of The Income Tax Act Is Not Independent Of Section 80-Ab Of The Act & Would Be Governed By Section 80-Ab; & (Ii) Losses Were To Be Set Off Against The Profits Earned From Export Of Self-Manufactured Goods. It Has Further Been Held In That Case Section 80 Hhc Would Be Governed G By Section 80-Ab & The Decision Of The Bombay High Court & The Kerala High Court Taking The Contrary View Does Not Lay Down The Correct Law To That _, Extent. (Para 6) (21-F-G) 19 H

Commnr. of Income Tax, Pune vs. Shirke Construction Equipment Ltd

The appeal stands allowed accordingly

Commissioner of Income Tax-III vs. Amba Impex

M/S. Gem Granites vs. Commnr. of Income Tax, Tamil Nadu

Appeals are dismissed

Bench: Export. The Appellant Claims Deduction Under Sec. 80-Hhc Of The Income Tax Act 1961 (Hereinafter Referred As ’The Act’) In Respect Of Profits From Its Export Business. The Assessment Year In Question Is 1987-1988. Sec. 80- Hhc As It Then Stood Read As Follows: 80Hhc. Deduction In Respect Of Profits Retained For Export Business.- (1) Where An Assessee, Being An Indian Company Or A Person (Other Than A Company) Resident In India, Is Engaged In The Business Of Export Out Of India Of Any Goods Or Merchandise To Which The Section Applies, There Shall, In Accordance With & Subject To The Provisions Of This Section, Be Allowed, In Computing The Total Income Of The Assessee, A Deduction Of The Profits Derived By The Assessee From The Export Of Such Goods Or Merchandise. Xxx Xxxx Xxxx 2(A) This Section Applies To All Goods Or Merchandise, Other Than Those Specified In Clause (B), If The Sale Proceeds Of Such Goods Or Merchandise Exported Out Of India Are Receivable By The Assessee In Convertible Foreign Exchange. (B) This Section Does Not Apply To The Following Goods Or Merchandise, Namely:- (I) Mineral-Oil; & (Ii) Minerals & Ores".

The Visnagar Taluka Audyogik- Sahakari Mandli Ltd vs. Commissioner of Income-Tax