TaxTMI 
TaxTMI 
2015 (4) TMI 510
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.... COURT) 1. The following question of law arises : "Whether the ITAT has rightly interpreted the provisions of Section 80-HHC of the Income Tax Act, 1961 and whether ITAT is right in holding that commission received from Indian parties on transfer of export orders is entitled to deduction u/s 80-HHC of the Income Tax Act, 1961?" 2. At the outset this Court notices that the impugned order has rel....
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....emption from tax under section 80HHC of the Act. Referring to the circulars issued by the Central Board of Direct Taxes (CBDT), the High Court held that although the said provision was amended with effect from April 1, 1992, by inserting an Explanation whereby and whereunder the profit derived out of such commission/brokerage was confined to 10 per cent. of the income, the same, being clarificator....
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....e by way of commission/brokerage would attract section 80HHC of the Act or not, precisely came up for consideration before a Special Bench of the Income-tax Appellate Tribunal, Delhi Bench in International Research Park Laboratories Ltd. v. Asst. CIT [1995] 212 ITR (AT) 1, wherein interpreting the Central Board of Direct Taxes circular it was stated (at page 48) : "Now, we come to whether the com....
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.... (a) and (b) must be harmonious and not discriminatory, cutting against each other. What is sauce for the goose is also sauce for the gander. Secondly, we have just mentioned that this profit is profit derived from export and export is the basis or the foundation or the nexus. The argument of Shri B. B. Ahuja and all his effort to show to us that it has no reference to the export is, therefore, un....