2002 (8) TMI 40

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..... fits from the export of the marine products. On the other hand, it had suffered a loss. The deduction permissible under section 80HHC is only a deduction of the profits of the assessee from the export of the goods or merchandise. By the very terms of section 80HHC, it is clear that the assessee was not entitled to any benefit thereunder in the absence of any profits. - The question referred to us .....

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..... ssee's right to make a claim under section 80HHC had been negatived, the Tribunal having held that the assessee was entitled to the benefit of that provision, a fresh assessment order was made. In that assessment made on May 28, 1992, the Assessing Officer held that the amount of deduction which the assessee could claim under section 80HHC was nil, after making the computation in accordance with s .....

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..... o to that section is not reproduced as it is not material for the purpose of this case). In this case, the assessee admittedly had not earned any profits from the export of the marine products. On the other hand, it had suffered a loss. The deduction permissible under section 80HHC is only a deduction of the profits of the assessee from the export of the goods or merchandise. By the very terms o .....

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