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TMI Blog2012 (11) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee had not done any export business during the assessment year 1992- 93, yet the assessee was held entitled to deduction u/s 80HHCin relation to those items during the assessment year 1992-93. Therefore the assessee is entitled to the deduction u/s 80HHC by taking the export turnover and the total turnover of the year in relation to which the export incentive has been received. Appeal decides in favour of assessee - ITA No.87 of 2007 - - - Dated:- 26-7-2012 - MR.AJAY KUMAR MITTAL AND MR. GURMEET SINGH SANDHAWALIA JJ. Present:- Mr. Ravish Sood, Advocate for the appellant. Mr. Vivek Sethi, Advocate for the respondent. Ajay Kumar Mittal, J. 1. This appeal has been preferred by the assessee under Section 260A o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act w.e.f 1.4.1967 according to which cash assistance received or receivable was to be treated as income chargeable to tax w.e.f 1.4.1967. Thus, it was submitted that in the light of the aforesaid retrospective amendment in law, export incentive was to be treated as part of the trading account for the year to which it related i.e. assessment years 1988-89 and 1989-90. The assessee also submitted before the Assessing Officer that deduction under Section 80HHC of the Act was to be allowed out of the profits derived from the export of such goods. The Assessing Officer declined to exclude the aforesaid amounts while framing the assessment. The Assessing officer further disallowed an amount of Rs. 40,500/- being the interest on an amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01 ITR 439 to submit that calculation had to be made by working out the deduction keeping in view the export turnover and total turnover of the year in which the assessee had earned the export incentive though it was not received during that year. In other words, it was submitted that the deduction under Section 80HHC of the Act had to be calculated with reference to export turnover and total turnover of the assessment years 1988-89 and 1989-90 but the same was admissible in the year of actual receipt of export incentive i.e. assessment year 1992-93. 4. Learned counsel for the revenue supported the order passed by the Tribunal. 5. After giving thoughtful consideration to the rival submissions, we find force in the submissions made by le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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