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Provisions of section 80HHC of the Income-tax Act, 1961-Sharing of tax benefit between the export houses/trading houses and manufacturers-Regarding
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....as amended by the Finance Act, 1985, provides that where an assessee, being an Indian company or a person (other than a company) resident in India exports out of India during the previous year, any goods or merchandise to which this section applies, he will be allowed a deduction of an amount not exceeding 50% of the profits derived from the export of such goods or merchandise. 2. Representations....
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....rmer on account of deduction under section 80HHC, then the amount of actual payment made to the manufacturer for passing on the tax benefit may, subject to the limit laid down hereinafter, be treated as business expenditure and be allowed as deduction in the computation of the total income of the export house/trading house. 4. The total amount of the tax benefit on account of deduction under sect....