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Issues: Whether the assessees were entitled to deduction under Section 80HHC of the Income-tax Act, 1961 in respect of counter sales involving customs clearance and receipt in convertible foreign exchange.
Analysis: The challenge to the validity of Explanation (aa) to sub-section (4B) of Section 80HHC was not pressed and stood rejected. On the merits of the deduction claim, the transactions of counter sales were accepted as involving customs clearance within the meaning of Explanation (aa), and it was also undisputed that the sales were realised in convertible foreign exchange. In these circumstances, the statutory benefit under Section 80HHC was held to be available.
Conclusion: The assessees were held entitled to the benefit of Section 80HHC of the Income-tax Act, 1961.
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