9911796707
TMI Blog2005 (2) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... UDICIAL MEMBER. By this Miscellaneous Application the assessee is seeking rectification of mistakes alleged to have been crept in the order of the Tribunal passed on 2-1-2004 in ITA No. 1249/Del./1999 pertaining to the assessment year 1995-96 on the following grounds:- (a)In the appeal the dispute was regarding purchase of tooth paste of ₹ 3,72,000 made by the applicant which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 5 have rejected the contention of the applicant that the same should not be included in the closing stock. However, in para 6, the alternative plea of the applicant regarding the enhanced value of the closing stock has been accepted. But in para 7, your honours have rejected higher claim of deduction under section 80HHC consequent to increase in profit by inclusion of such stock in the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 48 + ₹ 3,72,000). 2. We have heard the arguments of both the sides and also perused the relevant materials on record. It is observed that the claim of the assessee for deduction under section 80HHC on the enhanced profit due to the addition made on account of the closing stock was disallowed by the Tribunal vide its aforesaid order for the reason that the relevant goods in respect of wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we may observe that sub-section (3) of section 80HHC prescribes the method of computation of profit derived by the assessee from the exports and clause (a) of the section states that profits derived from export shall be the amount which bears to be the profit of the business, the same proportion as the export turnover of the business bears to the total turnover. The profits of the business has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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