2004 (6) TMI 38

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n both trades have to be taken into consideration. If after such adjustments there is a positive profit the assessee would be entitled to deduction under section 80HHC(1). If there is a loss the assessee would not be entitled to deduction". – Revenue’s appeal accepted - - - - - Dated:- 2-6-2004 - Judge(s) : S. SANKARASUBBAN., A. K. BASHEER. JUDGMENT The judgment of the court was delivered .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... der and the same having been debited by the assessee as an expenditure in its profit and loss account, the Tribunal is right in law and fact in holding the amount as 'commission received' and in further holding that 'there is no warrant to exclude such commission' and are not the above findings and approach wrong and uncalled for?" In I. T. R. No. 262 of 1997, the question of law arises is as fo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Laboratory Ltd. v. Deputy CIT [2004] 266 ITR 521 (SC), applies. In the above case, the Supreme Court held as follows: "A plain reading of section 80HHC makes it clear that in arriving at profits earned from export of both self-manufactured goods and trading goods, the profits and losses in both trades have to be taken into consideration. If after such adjustments there is a positive profit the ass .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X