Assessee not entitled for deduction u/s 80HHC in respect of DEPB income if one of the condition of third proviso to section 80HHC(3) not satisfied

Audco India Limited Vs. CIT (ITAT Mumbai)- Both the conditions as mentioned in clause (a) and (b) of the third proviso to section 80HHC(3) are required to be satisfied for allowing deduction under section 80HHC in respect of DEPB income in cases where the turnover exceeds Rs. 10 crores.

In this case the assessee could not produce any evidence before AO or CIT to show that the assessee had satisfied both the conditions nor any such evidence had been produced before us.  Before the AO the assessee admitted tha

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