2018 (8) TMI 986

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....OME TAX DEPT. For The Respondent : ADV. SRI.JOY THATTIL ITTOOP, ADV. SRI.BIJISH B.TOM, ADV. SMT.NEVIS CASSANDRA L CAXTON LORETTA, ADV. SRI.JACOB TOMLIN VARGHESE AND ADV. SRI.RAMESH CHERIAN JOHN JUDGMENT Vinod Chandran, J. The only question arising herein is as to whether the respondent-assessee can claim deduction under Section 80 HHC of the Income Tax Act, 1961 ('Act', for sho....

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....ear had profit of more than 3 crores in the export of self manufactured goods, which was claimed under Section 80HHC as a deduction. But the assessees export from trading goods suffered a loss of more than six crores. The assessee claimed that the assessee had issued disclaimer certificates to the supporting manufacturer, with respect to the entire turn over of trading goods. The Supreme Court fou....

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....the export house. By issuing a disclaimer on so much of the turnover of the export house, obtained from the trading goods purchased from the supporting manufacturer, the export house merely passes on the benefit available under Section 80HHC to that supporting manufacturer. The proposition as laid down by the Honourable Supreme Court is unassailable. 3. The Tribunal found that since both the su....

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....s order to substantiate the findings of the Tribunal, factually, evidencing the profit made by the export house. In such circumstances, we remand the matter for fresh consideration, to the Tribunal. The respondentassessee shall produce the profit and loss account of the exporter with an application before the Tribunal; which can very well be verified by the revenue also. The assesee shall also pro....