2004 (6) TMI 38

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....SUBBAN J.-In I. T. R. No. 232 of 1997, the questions of law arise are as follows: "1. Whether, on the facts and in the circumstances of the case, the manner and method of computation of profits by the Tribunal for the purpose of deduction under section 80HHC is valid and in accordance with law? 2. Whether, on the facts and in the circumstances of the case, and in the light of the facts and f....

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....Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the assessee, who is having income from tea auctioning and export of goods, is eligible for deduction under section 80HHC of the Income-tax Act, at Rs. 5,62,604 as claimed by the assessee and not Rs. 92,670 being the extent of the profit from export business, as held by the Commissioner of Income-tax ....

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....ld be entitled to deduction under section 80HHC(1). If there is a loss the assessee would not be entitled to deduction". It is further stated thus: "A plain reading of sub-section (3)(c) shows that 'profits from such exports' has to be profits of exports of self-manufactured goods plus profits of exports of trading goods". In the light of the decision of the Supreme Court, the questions of law ....