Law:

Section:

Section 80HHC, read with section 80-IB, of the Income-tax Act, 1961 - Deductions - Exporters - Whether while computing deduction under section 80HHC deduction granted under section 80-IB has to be excluded - Held, yes Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Whether an assessee acting as supporting manufacturer would be entitled to deduction of export profit arising from export of goods made through export houses on submission of disclaimer certificate issued by export houses - Held, yes - Whether in view of decision of Supreme Court in CIT v. Shirke Construction Equipment Ltd. [2007] 291 ITR 380 / 161 Taxman 212 deduction under section 80HHC cannot be determined before excluding carry forward or set-off of loss - Held, yes CASE REVIEW Janatha Cashew Exporting Co. v. CIT [2009] 309 ITR 440 /[2008] 166 Taxman 88 (SC) and CIT v. Shirke Construction Equipment Ltd. [2007] 291 ITR 380 / 161 Taxman 212 (SC) [Para 2] followed. CASES REFERRED TO Janatha Cashew Exporting Co. v. CIT [2009] 309 ITR 440 /[2008] 166 Taxman 88 (SC) [Para 2] and CIT v. Shirke Construction Equipment Ltd. [2007] 291 ITR 380 / 161 Taxman 212 (SC) [Para 2]. Joseph Markose and Raju K. Mathews for the Appellant. Jose Joseph for the Respondent. JUDGMENT C.N. Ramachandran Nair, J. - In the appeal filed by the assessee, the questions raised pertain to computation of deduction for export profit under section 80HHC of the Income-tax Act. The assessee having its industry in a backward area was entitled to deduction under section 80-IB of the Income-tax Act. However, by virtue of section 80-IB(13), read with section 80-IA(9) of the Act the assessee will not be entitled to claim deductions both under section 80-IB and under section 80HHC of the Act. Tribunal following their Full Bench decision upheld the disallowance under section 80-IB(13) of the Act, but granted deduction under section 80HHC of the Act. Even though senior counsel appearing for the assessee contended that deduction under section 80HHC is a full code by itself and no exclusion would…

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