Deduction under section 80HHC of the Income-tax Act, 1961, as amended by the Finance Act, 1990--Clarification regarding

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.... ITR (St.) 137, explaining the deduction admissible under section 80HHC of the Income-tax Act, 1961, in respect of export profits. 2. In paragraph 5 of the aforesaid circular, it has been stated that the Finance Act, 1990, has amended section 28 of the Income-tax Act, by inserting therein clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory su....

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....ofession" with effect from 1-4-1967. The duty drawback has been so included with effect from 1-4-72. The profits on sale of import entitlement licences have been included with effect from 1-4-1962, the date from which the Income-tax Act, 1961, came into force. 4. The Department's view all along has been that these export incentives are revenue receipts and hence taxable. 5. The amendments made i....