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export turnover

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eBRC – FAQs

DGFT : Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT w...

October 19, 2021 26424 Views 7 comments Print

Discrepancy in Service Exports from India Scheme?

DGFT : New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of intr...

August 22, 2016 5450 Views 0 comment Print

Acche Din- Mandatory documents for Import/ Export Reduced to 3

DGFT : IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documen...

March 15, 2015 2714 Views 0 comment Print

ITAT Spl Bench on s. 80HHC foreign exchange gain on Exchange Rate difference of Earlier Years

Income Tax : ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and expor...

September 16, 2008 493 Views 0 comment Print

Deduction Under section 80HHC is allowable on Proportionate Basis – SC

Income Tax : Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section ...

September 13, 2008 1018 Views 0 comment Print


Latest Judiciary


Higher discount justified if Goods imports in Bulk & maintain inventory by incurring Additional Cost

Custom Duty : Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the pe...

May 27, 2020 5436 Views 0 comment Print

Section 80HHC Exchange Rate Fluctuations is Export Turnover 

Income Tax : The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adve...

May 15, 2020 1452 Views 0 comment Print

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Income Tax : So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account o...

May 11, 2014 6621 Views 0 comment Print

S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

Income Tax : CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of C...

February 9, 2012 3660 Views 0 comment Print

Export Turnover under section 10B and non excludability of Expenses incurred in foreign currency on onsite computer software development at the client

Income Tax : (a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be exc...

November 2, 2010 1643 Views 0 comment Print


Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)

December 6, 2009 826 Views 0 comment Print

S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB need to be excluded while calculating the deduction under Section 80HHC or only profit on transfer of DEPB should be excluded.

Revision under section 263 of IT Act, 1961 is not reassessment

September 9, 2009 1928 Views 0 comment Print

The revision u/s. 263 is not like the reopening of the assessment where once the assessment is reopened entire assessment is open before the Assessing Officer to be reconsidered in accordance with law. In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice.

Only Profit on Sale of DEPB required to be considered for calculation of deduction u/s. 80HHC

August 19, 2009 1940 Views 0 comment Print

Expl. (baa) to S. 80HHC defines the term “profits of the business” to mean the profits under the head “profits and gains” as reduced by 90% of the sum referred to in s. 28 (iiid). The 2nd & 3rd Provisos to s. 80HHC (3) provide that the profits computed there under shall be increased by the said 90% amount computed in the proportion of export turnover

A supporting manufacturer entitled to claim deduction u/s. 80HHC (1A) on the basis of disclaimer certificate of export house

July 17, 2009 1401 Views 0 comment Print

7. A plain reading of the section would show that Sub. Sec (1) of 80HHC deals with deduction to be allowed to an assessee who is engaged in the business of export of goods or merchandise. The manner of determining the profits derived from export for the purpose of computation of deduction is provided in sub-sec (3), which has three clauses (a), (b), and (c ) covering three different aspects

Computation of deduction under section 10A(4) of IT Act by a manufacturer/ exporter of jewellery

January 9, 2009 717 Views 0 comment Print

7.1 As per the provision of section 10A of the Act, assessee is entitled to claim the deduction in respect of the profits and gains as derived by the assessee’s undertaking from the export of the articles of the things for the period of the 10 consecutive A.Y’s. Sub-section (2) to sec. 10A has laid down certain conditions for the eligibility of the undertaking to claim the deduction

Exchange Rate Difference Of Exports Made In Earlier Year – Whether Part Of Export Turnover?

November 6, 2008 790 Views 0 comment Print

ACIT v. Prakash L. Shah – The exchange rate difference pertaining to the exports made in the earlier year shall be part of the export turnover of the year in which such export is made provided such sale proceeds of the eligible goods are realized in India within the period of six months from the end of the previous year or within such further period as allowed by the Competent Authority.

ITAT Spl Bench on s. 80HHC foreign exchange gain on Exchange Rate difference of Earlier Years

September 16, 2008 493 Views 0 comment Print

ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and export turnover and cannot be treated as income from other sources. (ii) However, where such gain relates to exports made in an earlier year, the deduction u/s 80HHC is allowable only in the year in which the exports are made and not in the year of realisation of the gain.

Deduction Under section 80HHC is allowable on Proportionate Basis – SC

September 13, 2008 1018 Views 0 comment Print

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,

Sales from one STP to another is not deemed export for Income Tax deductions : ITAT

January 25, 2008 390 Views 0 comment Print

In the return of income, the assessee claimed deduction u/s 80HHE before setting off of brought forward business loss and unabsorbed depreciation from the gross total income. Before the Assessing Officer it was contended that section 80HHE is the self-contained section and contains the definition of profits of the business, export turnover, total turnover etc. Section 80AB refers to the nature of income entitled for deduction u/s VIA and include in the gross total income. Section 80HHE does not refer to any income included in the gross total income.

Defining "Export Turnover" for Sec- 10A of the Income Tax Act, 1961

January 22, 2008 2501 Views 0 comment Print

ISEVA SYSTEMS PVT LTD Vs THE ASSTT COMMISSIONER OF INCOME TAX – The grounds relating to levy of interest u/s. 234B has not been considered by the ld. CIT(Appeals) . However, we are inclined to hold that levy of such interest is to be mandatorily levied in accordance with the mandatory provisions of the section, which the AO is directed to levy. The agitation with respect to initiation of penalty proceedings u/s. 271(1)(c) is premature and is dismissed as rightly not considered by the ld. CIT(Appeals) as well.

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