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[2009] 311 ITR 272 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax v. Victor Cycles (P.) Ltd. M. M. KUMAR AND AJAY KUMAR MITTAL, JJ. I.T.R. NO. 591 OF 1995 JULY 25, 2007 Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters Computation Of Deduction Where it was a firm, in which assessee-company was a partner, which had made export in preceding year, assessee was not entitled to deduction under section 80HHC(1)(b) [Assessment year 1983-84] [In favour of revenue] CIT v. Victor Cycles (P) Ltd. [2009] 311 ITR 272 (Punj. & Har.) The assessee-company was a partner in VC for the period from 17-6-1981 to 30-6-1981, when on 30-6-1981, the said firm was dissolved and all assets were taken over by the assessee. It was the firm in which the assessee-company was a partner which had made export for the period from 17-6-1981 to 30-6-1981. The question was whether the assessee was entitled to claim deduction of 5 per cent of incremental turnover under section 80HHC(1)(b). Held that sub-section (3) denies the benefit of incremental turnover in case the assessee had not exported goods or merchandise during the immediately preceding previous year. In the present case, as per the findings recorded by the Tribunal, the assessee was a private limited company who started exporting the goods directly in the year under consideration. The Tribunal was, therefore, not right in allowing 5 per cent additional deduction on account of incremental turnover to the assessee. S. K. Garg Narwana for the Appellant. JUDGMENT Ajay Kumar Mittal, J.-In this reference the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (hereafter referred to as "the Tribunal"), has refereed the following question of law to this court under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), for the assessment year 1983-84 : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the assessee as an exporter in the assessment year 1982-83 for claiming deduction of Rs. 2,80,955 under section 80HHC(1)(b) of the Income-tax Act, 1961, at 5 per cent, of incremental turnover of Rs.…

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