2001 (12) TMI 4

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.....-The assessee is engaged in local and export business of cashew kernels. The assessee is admittedly entitled to deduction on export profit provided under section 80HHC of the Income-tax Act, 1961. As the assessee has local as well as export business of cashew kernels, deduction was granted under section 80HHC(3) of the Income-tax Act which provides for computation of eligible deduction on export ....

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.... of law as substantial questions of law arising from the order of the Tribunal: "1. Whether, on the facts and in the circumstances of the case, will not the amounts of Rs. 10,045 and Rs. 1,17,483 received by the assessee towards quality claim and raw nut claim form part of the total turnover of the assessee and the Tribunal is right in law in excluding the two amounts from the total turnover fo....

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....e income of every nature, is the contention advanced by him. On the other hand, Sri P. Balachandran, counsel for the assessee, contended that the "total turnover" and "export turnover" referred to in section 80HHC relate to sales and purchases and therefore the total turnover in that context only means sales and purchases. Therefore, according to him, the damages received for bad quality purchases....