2001 (2) TMI 293 - AT - Income Tax

Summary

The Appellate Tribunal ITAT MADRAS-A allowed the appeal of the assessee, a limited company, regarding the calculation of deduction under s. 80HHC of the IT Act, 1961. The Tribunal directed the AO to recalculate the deduction based solely on export turnover, excluding any loss from other activities. The decision was based on the interpretation that s. 80HHC requires exclusive treatment of export activity for deduction calculation. The appeal was allowed.