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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ITAT allows Deduction u/s 80HH, 80I & 80IA on Processed Natural Gas Supply

Gail (India) Ltd. Vs DCIT-LTU (ITAT Delhi) - The issue under consideration is whether the deduction claimed u/s 80HH, 80I and 80IA for production, processing, transmission and distribution of various gases is justified in law?...

Change in Inventory Valuation Method Allowed if Based on AS 2

ACIT Vs Thiagarajar Mills Ltd. (ITAT Chennai) - The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...

No Section 234B Interest for Advance Tax Shortfall due to Retrospective Amendment

DCIT Vs Reliance Industries Ltd. (ITAT Mumbai) - Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?...

Section 80HHC Exchange Rate Fluctuations is Export Turnover

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) - The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...

Order contrary to subsequent SC judgement can be said to suffer from mistake apparent from record

Anandkumar Jain Vs ITO (ITAT Mumbai) - Anandkumar Jain Vs ITO (ITAT Mumbai) In the present case, there is no dispute with respect to the fact that the subsequent decision of the Hon’ble Supreme Court in the case of Topman Exports (supra) has decided the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB lice...

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Recent Posts in "Section 80HHC" | Total 68 Posts

ITAT allows Deduction u/s 80HH, 80I & 80IA on Processed Natural Gas Supply

Gail (India) Ltd. Vs DCIT-LTU (ITAT Delhi) -

The issue under consideration is whether the deduction claimed u/s 80HH, 80I and 80IA for production, processing, transmission and distribution of various gases is justified in law?...

Change in Inventory Valuation Method Allowed if Based on AS 2

ACIT Vs Thiagarajar Mills Ltd. (ITAT Chennai) -

The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...

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

No Section 234B Interest for Advance Tax Shortfall due to Retrospective Amendment

DCIT Vs Reliance Industries Ltd. (ITAT Mumbai) -

Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?...

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

Section 80HHC Exchange Rate Fluctuations is Export Turnover

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) -

The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...

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

Order contrary to subsequent SC judgement can be said to suffer from mistake apparent from record

Anandkumar Jain Vs ITO (ITAT Mumbai) -

Anandkumar Jain Vs ITO (ITAT Mumbai) In the present case, there is no dispute with respect to the fact that the subsequent decision of the Hon’ble Supreme Court in the case of Topman Exports (supra) has decided the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license in favour […]...

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

Deduction u/s 80IA can be claimed without excluding Deduction u/s 80HHC

M/s. Indian Gum Industries Ltd. Vs JCIT (Bombay High Court) -

Parliament did not seek to disturb and / or affect cases where deduction is taken twice over i.e. under Section 80IA and 80HHC of the Act on the same profit, provided it was less than the gross total income as defined in Section 80IB(5) of the Act....

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

Deduction U/s. 80HHC not available on Interest, rent and miscellaneous income

M/s. Ashok Leyland Ltd Vs The Deputy Commissioner of Income Tax (Madras High Court) -

A bare reading of cl. (baa) (1) indicates that receipts by way of brokerage, commission, interest, rent, charges etc., formed part of gross total income being business profits. But, for the purposes of working out the formula and in order to avoid distortion of arriving export profits cl. (baa) stood inserted to say that although incentiv...

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

Deduction U/s 80HHC on Duty Draw Back & DEPB to supporting manufacturer; SC refers to larger bench

Commissioner of Income Tax Vs M/s Carpet India (Supreme Court of India) -

Whether in the light of peculiar facts and circumstances of the instant case, supporting manufacturer who receives export incentives in the form of duty draw back (DDB), Duty Entitlement Pass Book (DEPB) etc. is entitled for deduction under Section 80HHC of the Income Tax Act, 1961?...

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

Definition of total turnover given U/s. 80HHC / 80HHE cannot be adopted for Section 10A

CIT vs. HCL Technologies Ltd. (Supreme Court) -

The definition of total turnover given under Sections 80HHC and 80HHE cannot be adopted for the purpose of Section 10A: HCL Technologies case...

Posted Under: Income Tax | Judiciary

Conversion of Un-garbled Pepper to garbled Pepper is not manufacture

Nishant Export Vs. Assistant Commissioner Of Income Tax (Kerala High Court) -

Nishant Export Vs. ACIT (Kerala High Court) The assessee was engaged in the procurement and export of pepper. The assessee procured un-garbled pepper, which by a process got garbled; making it fit for human consumption and was exported. The assessee had been claiming allowance under Section 80HHC for its export turnover as computed under ...

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