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TMI Blog2012 (6) TMI 906X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the same assessee, which had reached the tribunal and in terms of the orders questioned in each of these appeals, the tribunal had allowed the appeals of the assessee on the question of manner of computation of the amount characterized as profits earned from export business of the assessee, which amount qualifies for deduction in terms of Section 80HHC of the Income Tax Act, 1961 [for short, the Act]. 2. All these appeals had been admitted to examine the following questions of law as arising from out of the orders of the tribunal: ITA 793 of 2006 Whether the Appellate Authorities were correct in holding that conversion charges cannot be treated as income of the assessee from business and Explanation (baa) to section 80HHC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of this income for the purpose of computation of eligible profits for the purpose of deduction under section 80HHC of the Act. 3. However, at the time of hearing, it is pointed out by Sri S Parthasarathy, learned counsel for the assessee that reference to Section 41(1) of the Act is totally unnecessary, as neither the tribunal had examined the issue in the context of Section 41(1) of the Act nor is the finding having any bearing in the context of this statutory provisions. 4.We find even in terms of Section 80HHC of the Act for determination of the profits earned from export business, the provisions of Section 41(1) of the Act has no direct bearing or linking and therefore re-frame the question as common question in all these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of profits of the assessee arising from its export business for the purpose of qualifying for deduction under Section 80HHC of the Act is concerned, the question as answered by this court in the case of M/S MAINI PRECISION PRODUCTS PVT LTD[supra] governs the issue, nevertheless, points out that in so far as it relates to the question of computation of profit of the business of the assessee is concerned and particularly as in this case, the profits of the business of the assessee was inclusive of certain receipts in the nature of conversion charges which had been received by the assessee on the basis of the law declared by the Supreme Court in the case of M/S ACG ASSOCIATEDCAPSULS PVT LTD vs THE COMMISSIONER OFINCOME TAX [rendered on 8-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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