2002 (12) TMI 12

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....f the Rajasthan High Court (see [2001] 248 ITR 69) dismissing the appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act"), carried by the Revenue against the order of the Income-tax Tribunal dismissing its appeal. Section 80HHC of the Act permits certain deductions to be made from the profits earned out of the business of export of goods. There is, however, an Explanation (....

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....s. 80,12,786 under section 80HHC of the Act. The Assessing Officer found that the sales effected by the assessee included counter sales of Rs. 9,76,40,672 and, therefore, the deduction claimed by the assessee under section 80HHC was disallowed by the Assessing Officer placing reliance on Explanation (aa) to section 80HHC(4A) of the Act. The assessee's appeal to the Commissioner of Income-tax (Appe....

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....other High Courts, including the Rajasthan High Court itself in ITO v. Vaibhav Textiles [2002] 258 ITR 346. Reliance was placed on a number of orders of the Income-tax Tribunal following the view taken in Ram Babu's case [1996] 222 ITR 606 (All), consistently and the law laid down therein. In fact, even in the case of the respondent-assessee, for the previous assessment years, the Tribunal had tak....