2013 (5) TMI 664

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.... JUDGMENT Badar Durrez Ahmed, J (Oral) 1. These appeals by the revenue are in respect of the assessment years 2003-04 and 2004-05 and arise out of the common order passed by the Income Tax Appellate Tribunal on 17.04.2012 in ITA Nos. 4880-4881/Del/2011, respectively. Limited notice had been issued in this matter on the previous occasion. The only issue sought to be raised in the present a....

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....plicable. Therefore, the profits derived from exports would have to be computed by multiplying the profits of business with the ratio of export turnover to total turnover. Or, in other words:- Profits derived from Exports = Profits of business x Export turnover /Total Turnover The profits of business have to be computed in the manner given in Explanation (baa) after sub-section (4) of Sectio....

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....nation (baa) referred to above. That is exactly what has been done by the Assessing Officer as would be apparent from the computation, which we are reproducing herein below:- "Subject to these observations, the total income of the assessee is assessed as follows"- Business income as declared by the assessee 9,23,71,923/- Add: On account of foreign exchange loss as discussed above 4,....

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....ssee upto the point the deduction under Section 80HHC has been computed at Rs. 81,01,803/-. The grievance of the respondent/assessee was only with regard to limiting the deductions to 30% of the above figure of Rs. 81,01,803/- by invoking Section 80HHC (1B) while computing the book profit under Section 115JB. That issue is no longer in dispute in view of the decision of the Supreme Court in the ca....