Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business

Addl. CIT v Weizmann Ltd. ITAT, Mumbai Deduction under s 80HHC Allowability of deduction under s 80HHC while computing the book profit under s 115JB in spite of the fact that the deduction under s 80HHC computed under cl (a), (b) and (c) of sub-s (3) or sub-s (3A) is Nil. Income on sale of DEPB licence is represented by entire sale proceeds of the licence and there is no logical justification in bifurcating the value of the sale consideration realised by the exporter on the transfer of the DEPB credit. If the assessee carrying on more than one business, only the business of which export was a...