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TMI Blog2013 (1) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... RESPONDENT: BY SENIOR COUNSEL FOR GOVERNMENT OF INDIA (TAXES) SRI. P.K.R. MENON STANDING COUNSEL FOR I.T. SRI. JOSE JOSEPH. JUDGMENT K.Vinod Chandran, J: The assessee is in appeal, challenging the orders of the Tribunal for the assessment years 1990-91 and 1992-93. In both the years, the assessee had claimed deduction of interest income received from the sister company a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case was the Income tax tribunal justified in confirming the exclusion of interest income referred above for computation of eligible relief under Section 80HHC of the Income Tax Act? ii) Whether on the facts and circumstances of the case was the Income tax Tribunal justified in confirming the exclusion of rent referred above in the computation of eligible deduction under Section 80HHC of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found that the said case was one in which the godown rent paid by the assessee therein for storage of goods pending despatch by a clearing and forwarding agent handling exports and imports of Government Bodies is business income; and it was not a case in which computation of relief under Section 80HHC, meaning export profit, arose. Section 80HHC is a deduction in respect of profits derived from e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s claim relates to the use of its godown by other exporters for storing goods till despatch. This cannot at all be termed to be a profit derived by the assessee from the export of such goods or merchandise coming within Section 80HHC. We are of the opinion that the Tribunal has correctly decided the issue and the 2nd question of law raised by the assessee is answered against the assessee and in f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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