Section 80HHC

Whether deduction U/s. 80-HHC allowable in respect of export incentives

Income Tax - In the last quarter of the financial year 2000-0 1, a serious controversy arose in the Income-Tax Department and export circles of Mumbai. The controversy related to the issue whether deduction U/S 80-HHC of the Income-Tax Act, 1961 (the Act), is allowable in respect of export incentives viz. cash compensatory support (CCS), duty drawback...

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S. 80HHC Amendment cannot be from retrospective date

Income Tax - In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpreted by the Tribunal. We have already pointed out that according to the existing law, if a valid piece of legislation is wrongly interpreted by the Tribunal, the aggrieved party should move higher judicial forum...

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S. 80HHC Scrap sale proceeds not to form part of total turnover: SC

M/S Jagraon Exports Vs C.I.T. (Supreme Court of India) - In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Sect...

Difference in opinion, whether gross total income eligible for deduction u/s 80HHC will be reduced by deduction already allowed u/s 80IA – SC

ACIT Vs M/s. Micro Labs Ltd. (Supreme Court of India) - Supreme Court held In the case of ACIT vs. M/s. Micro Labs Ltd. that - As per first thought of opinion, Section 80-IA (9) is quite unambiguous, which clearly provides that if an assessee claims any deduction under the provisions of Section 80-IA...

Claim of export turnover if foreign exchange not realised in specified period u/s 80HHC tantamount to deemed concealment of income

Emblem Fashion Wear Exports Pvt. Ltd. Vs ITO (ITAT Mumbai) - ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time....

Assessee can claim deduction u/s 10A for remaining years although he availed deduction u/s 80HHE in past

DCIT Vs M/s. Tata Consultancy Services (ITAT Mumbai) - ITAT Mumbai held In the case of DCIT vs. M/s. Tata Consultancy Services that section 80HHC does not place any restriction to shift the claim of deduction or exemption under any other provision in respect of profits for which no deduction has been claimed and allowed in the previous year. ...

Sale proceeds of scrap is not turnover for section 80HHC: SC

CIT Vs Punjab Stainless Steel Industries (Supreme Court of India) - To ascertain whether the turnover would also include sale proceeds from scrap, one has to know the meaning of the term ‘turnover’. The term ‘turnover’ has neither been defined in the Act nor has been explained by any of the CBDT circulars....

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Recent Posts in "Section 80HHC" | Total 58 Posts

S. 80HHC Scrap sale proceeds not to form part of total turnover: SC

M/S Jagraon Exports Vs C.I.T. (Supreme Court of India) -

In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961....

Posted Under: Income Tax | Judiciary | Supreme Court of India

Difference in opinion, whether gross total income eligible for deduction u/s 80HHC will be reduced by deduction already allowed u/s 80IA – SC

ACIT Vs M/s. Micro Labs Ltd. (Supreme Court of India) -

Supreme Court held In the case of ACIT vs. M/s. Micro Labs Ltd. that - As per first thought of opinion, Section 80-IA (9) is quite unambiguous, which clearly provides that if an assessee claims any deduction under the provisions of Section 80-IA...

Posted Under: Income Tax | Judiciary | Supreme Court of India

Claim of export turnover if foreign exchange not realised in specified period u/s 80HHC tantamount to deemed concealment of income

Emblem Fashion Wear Exports Pvt. Ltd. Vs ITO (ITAT Mumbai) -

ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time....

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Assessee can claim deduction u/s 10A for remaining years although he availed deduction u/s 80HHE in past

DCIT Vs M/s. Tata Consultancy Services (ITAT Mumbai) -

ITAT Mumbai held In the case of DCIT vs. M/s. Tata Consultancy Services that section 80HHC does not place any restriction to shift the claim of deduction or exemption under any other provision in respect of profits for which no deduction has been claimed and allowed in the previous year. ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Sale proceeds of scrap is not turnover for section 80HHC: SC

CIT Vs Punjab Stainless Steel Industries (Supreme Court of India) -

To ascertain whether the turnover would also include sale proceeds from scrap, one has to know the meaning of the term ‘turnover’. The term ‘turnover’ has neither been defined in the Act nor has been explained by any of the CBDT circulars....

Posted Under: Income Tax | Judiciary | Supreme Court of India

In case of failure to issue proper notice to assessee, ITAT has right to review its own order

CIT Vs M/s Sea Rose Marines Pvt Ltd (Madras High Court) -

Madras High court in CIT Vs M/s Sea Rose Marines Pvt Ltd (Madras High Court) held that if the notice was not issued to the assessee properly then the ITAT had the right to review its own order. The ITAT had recalled the order and gave new decision after reviewing ...

Posted Under: Income Tax | Judiciary | All High Courts, Madras High Court

sec 80HHC- Taxation Laws (2nd Amendment) Act, 2005 have prospective effect

CIT Vs Ms Orient Express (Madras High Court) -

Madras High Court held in CIT V/s Ms Orient Express that the amendment to sec 80HHC would have prospective effect from 2005 not retrospective effect....

Posted Under: Income Tax | Judiciary | All High Courts, Madras High Court

Income having no nexus with exports is to be included while deducting 90% of receipt u/s 80HHC clause (baa)

Sesa Goa Ltd. Vs CIT, (Goa High Court) -

In the case of Sesa Goa Ltd. vs. CIT, High Court has held that that independent income having no nexus with exports would be covered by the words other similar receipts in clause (baa) of the Explanation to Section 80HHC of the Act....

Posted Under: Income Tax | Judiciary | All High Courts, Goa High Court

Deduction u/s 80HHC is to be allowed to the extent of Gross Total Income

V. M. Salgaocar & Brother Pvt. Ltd Vs The ACIT (Goa High Court) -

In the case of V. M. Salgaocar & Brother Pvt. Ltd vs. The Asst. Commissioner of Income Tax, Goa High Court has held that deduction u/s 80HHC is to be allowed to the extent of gross total income and not to the extent of business profit only....

Posted Under: Income Tax | Judiciary | All High Courts, Goa High Court

Deduction u/s. 80HHC allowable only against profit from export business- SC

Jeyar Consultant & Investment Pvt. Ltd. Vs CIT (Supreme Court of India) -

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). ...

Posted Under: Income Tax | Judiciary | Supreme Court of India