Mysodet (P) Ltd vs. CIT (Supreme Court)

Where in respect of the asst. year 1990-91, the assessee claimed deduction under section 80-HHC on traded goods on the proportion that the export turnover bore to the total turnover even though there were no profits from the export activity and the High Court held, relying on IPCA Laboratories vs. CIT 266 ITR 521 (SC), that in the absence of export profits deduction u/s 80-HHC was not available, HELD, reversing the judgement of the High Court that in accordance with the CBDT Circular issued under the then prevailing s. 80-HHC, deduction was allowable on the proportionate basis notwithstanding the absence of profits from the export activity and the judgement in IPCA Laboratories had no application.

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