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TMI Blog2015 (8) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... trading in tea was a loss. The business income included in the total income is actually the income from the other activities and income from services rendered. After setting off the losses from tea the deduction is not permissible as section 80AB is to be applied - HC allowed assessee claim of deduction - Held that:- As relying on case of Jeyar Consultant and Investment Pvt. Ltd. v. CIT reported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a public limited company engaged in growing and manufacturing tea besides trading activities. The assessee had an export turnover of ₹ 7,24,99,271. The total turnover of the assessee came to ₹ 40,82,91,806. The assessee had exported tea and had received sale proceeds in foreign exchange. The assessee claimed that the profits derived from export should be computed in accordance with c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Assessing Officer, vide his order dated March 19, 1990, held that the deduction is not permissible, as section 80AB is to be applied. 4. Aggrieved, the respondents approached before the office of the Commissioner (Appeals). Learned Commissioner (Appeals), vide his order in appeal dated August 29, 1999, appeal was partly allowed in respect that the Assessing Officer was not justified in e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. We have heard learned senior counsel appearing for the appellant, Mr. Dhruv Mehta. He has drawn our attention to the recent judgment rendered by this very Bench in the case of Jeyar Consultant and Investment Pvt. Ltd. v. CIT reported in [2015] (4) SCALE 410, [2015] 373 ITR 87 (SC). wherein it is categorically held that to avail of the benefit of section 80HHC of the Income-tax Act th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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