Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters

Last updated: 27 September 2007

Court :
SUPREME COURT OF INDIA

Brief :
Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Assessment year 1992-93 - Whether term ‘profit’ in section 80HHC both in sub-section (1) and in sub-section (3) means a positive profit worked out after taking into consideration losses, if any in exports of both self manufactured goods as well as trading goods - Held, yes Interpretation Statute : Rule of liberal interpretation FACTS The assessee’s claim of deduction under section 80HHC was disallowed on the ground that the profits of the business computed as per said section indicated a negative figure. On appeal, the Commissioner (Appeals) confirmed the impugned order. On second appeal, the Tribunal allowed the assessee’s appeal On reference, the High Court, decided the same in revenue’s favour. On appeal to the Supreme Court:

Citation :
A. M. MOOSA v. COMMISSIONER OF INCOME-TAX, TRIVANDRUM