2002 (9) TMI 56

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.... by R. JAYASIMHA BABU J.-The questions referred at the instance of the assessee are: "1. Whether on a true construction of the Explanation (baa) to section 80HHC of the Income-tax Act, 1961, interest, rent and commission are to be deducted from export profits or only net receipts, if any, after taking into account the payments? 2. Whether on a true construction of the Explanation (baa) to....

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....the head 'Profits and gains of business or profession' as reduced by- (1) ninety per cent. of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, inter est, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch office, warehouse or any other establishment of the....

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....siness as computed under the head "Profits and gains of business or profession". The deductions to be made are from the amount of profit so computed and not from the amount computed under any other head of income of that assessee. The reference to "such profits" in sub-clause (1) of clause (baa) can only be to the profits of the business computed under the head "Profits and gains of business or pr....