Hero Exports vs. CIT (Supreme Court)

Though section 80HHC does not provide so, an assessee is entitled, in computing the indirect cost of goods exported, to claim deduction at 10% as indirect expenses incurred for earning export incentives, misc income and brokerage etc. The deduction is allowed on estimate basis and as per the underlying principles of apportionment.

Note: The judgement of the P&H High Court in CIT vs. Hero Exports 292 ITR 571 has been reversed.

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