Case Law Details
MMTC Ltd Vs DCIT (ITAT Delhi)
ITAT Delhi held that income classified as ‘business income’ but not considered for the purpose of working of deduction u/s 80HHC merely on the nomenclature that income are not derived from export is unjustifiable as it is not justified that income has no nexus with earning of export.
Facts- The assessee is a Govt, of India Enterprise and is engaged in business of manufacturing of medallions and jewellery, soya oil and DOC, Mica Paper and powder, and trading in minerals, non ferrous metals, fertilizers, agro products, gems, jewellery and precious metals, coal and hydrocarbons and general trade.
Total sales during the previous year was Rs.62,259,544,317/- as against Rs.72,436,477,766 /- in the preceding year. The return was accompanied with audited balance sheet, P&L account, Tax Audit Report u/s 44AB and certificate for claim u/s 80HHC. The case was selected for scrutiny. The AO had recomputed the total income and which was challenged and the appeal was partly allowed by order.
Being aggrieved, the assessee has preferred the present appeal contesting denial of deduction u/s 80HHC vide various reasons.
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