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of <h1>Income-tax Act Section 80HHC: Deductions for Export Profits Include Duty Drawbacks Under 1995 Rules, Effective from 1996-97.</h1> Section 80HHC of the Income-tax Act, 1961, allows deductions for profits from the export of goods realized in foreign exchange. The computation of these profits includes export benefits under section 28, including customs or excise duty drawbacks. The Customs and Central Excise Duties Drawback Rules of 1971 were replaced by the 1995 rules, but the Income-tax Act was not updated accordingly. Consequently, some assessing officers denied deductions for duty drawbacks under the 1995 rules. The Board clarified that, according to the General Clauses Act, the deductions should apply to the 1995 rules, provided all other conditions of section 80HHC are met, applicable from the assessment year 1996-97 onward.
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