9911796707
TMI Blog2007 (7) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... he Commissioner. JUDGMENT The judgment of the court was delivered by Ajay Kumar Mittal J.- In this reference the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (hereafter referred to as "the Tribunal"), has refereed the following question of law to this court under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), for the assessment year 1983-84 : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the assessee as an exporter in the assessment year 1982-83 for claiming deduction of Rs. 2,80,955 under section 80HHC(1)(b) of the Income-tax Act, 1961, at 5 per cent. of incremental turnover of Rs. 56,19,099 (Rs. 56,66,189 - Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to learned counsel, the assessee-company started exporting the goods directly in the year under consideration and, therefore, in view of sub-section (3), the assessee was not entitled to claim 5 per cent. deduction on incremental turnover under section 80HHC(1)(b) of the Act. Learned counsel further submitted that the reliance of the Tribunal on CIT v. Ramniklal Kothari [1969] 74 ITR 57 (SC) is misplaced. 4. No one has appeared on behalf of the assessee to oppose the reference made by the Tribunal. 5. We have heard learned counsel for the Revenue and find force in his submission. 6. It would be expedient to reproduce section 80HHC of the Act, as it stood at the relevant time, which reads thus : "80HHC. (1) Where the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceding previous year, exported out of India goods or merchandise to which this section applies." 7. A reading of the aforesaid provision shows that an assessee is entitled to the deduction of an amount equal to 1 per cent. of export turnover of the qualifying goods or merchandise which has been exported out of India during the accounting year. In addition thereto, a deduction of an amount equal to 5 per cent. of the amount by which the export turnover of the qualifying goods or the merchandise during the previous year exceeds the turnover of such goods or merchandise during the immediately preceding year shall be available provided the assessee has exported out of India any qualifying goods or merchandise during the previous year immed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
