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Deduction u/s. 80HHC allowable only against profit from export business- SC
Case Law Details
- Case Name
- Jeyar Consultant & Investment Pvt. Ltd. Vs CIT (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1989-1990
- Courts
- Supreme Court of India
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It is a pre-requisite that there must be profits from the export business. If the exports business has suffered a loss, deduction cannot be allowed from domestic business – Section 80HHC
Brief Facts of the Case and Question of Law
Brief Facts:
The appellant-assessee is engaged in the business of export of marine products and also financial consultancy and trading in equity shares. Its total business does not consist purely of exports but includes business within the country as well which situation is covered by Section 80HHC (3)(b). The total turnover of the Assessee comprised of export turn...
