1986 (12) TMI 97

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....;  Per Shri A. Kalyanasundharam, Accountant Member --- In this appeal by the assessee the issue involved is the claim of deduction under section 80HHC of the Income-tax Act, 1961 (' the Act ') in respect of supplies made by the assessee to the ONGC and Oil India Ltd. The plea of the assessee before us was that the Ministry of Commerce vide its Circular No. 1(15)/83-EAC dated 5-9-1983 has c....

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....n exchange but also to avoid incurring expenses in foreign exchange by import substitution, if section 80HHC is looked into then the assessee would be entitled to relief under the section. The department placed reliance in the orders of the authorities below. 2. We have given careful consideration to the arguments of both the parties. As per the provisions contained in section 80HHC the relief ....