P&H HC allows Consignment-Wise BRC Accepted for Section 80HHC Deduction Claims

D.D. International Pvt. Ltd. Vs CIT (Punjab and Haryana High Court) The Punjab and Haryana High Court examined whether the absence of a consolidated Bank Realization Certificate (BRC) could justify denial of deduction under Section 80HHC of the Income Tax Act, 1961, in respect of export profits linked to the Duty Entitlement Passbook (DEPB) Scheme. The assessee’s entitlement under Section 80HHC(3) for exporters with turnover exceeding ₹10 crore was undisputed, having been settled by the Supreme Court. The controversy was limited to the requirement of BRCs for export proceeds amounting to a...