https://www.taxtmi.com/caselaws?id=12379 Where the return was only processed under s.143(1)(a) and no prior assessment under s.143(3) existed, issuance of notice u/s 148 was held procedurally valid; the challenge to reassessment failed. On deduction u/s 80HHC, interest earned on deposits was held not to be "profits derived from export" and therefore not includible in business profits for s.80HHC computation; the assessee's claim was rejected. For computing the denominator "total turnover" under s.80HHC, export proceeds not brought into India within the prescribed period and consequently not forming part of eligible profits could not be included in total turnover; the Department's contention failed. Both appeals were dismissed. en-us Wed, 28 Aug 2002 00:00:00 +0530 Wed, 31 Dec 2025 15:14:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12379 Where the return was only processed under s.143(1)(a) and no prior assessment under s.143(3) existed, issuance of notice u/s 148 was held procedurally valid; the challenge to reassessment failed. On deduction u/s 80HHC, interest earned on deposits was held not to be "profits derived from export" and therefore not includible in business profits for s.80HHC computation; the assessee's claim was rejected. For computing the denominator "total turnover" under s.80HHC, export proceeds not brought into India within the prescribed period and consequently not forming part of eligible profits could not be included in total turnover; the Department's contention failed. Both appeals were dismissed. Case-Laws Income Tax Wed, 28 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12379