2002 (8) TMI 40

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..... JAYASIMHA BABU J.-The question referred to us at the instance of the assessee is: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the deduction admissible to the assessee under section 80HHC is nil?" The assessment year is 1989-90. The assessee which is a financial consultant, had, during the assessment year, exported marine pro....

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....cement of the assessment year 1989-90 reads thus: "80HHC. Deduction in respect of profits retained for export business.-(1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of the export out of India of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions o....