2001 (2) TMI 88

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....eard learned counsel for the parties: The Income-tax Appellate Tribunal at the instance of the assessee has referred the following question of law said to be arising out of its order passed in I.T.A. No. 865/JP of 1985, for the assessment year 1984-85: "Whether the Tribunal was right in holding that section 80HHC would not apply to the assessee for supplies made to ONGC and Oil India Ltd., o....

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....nd Oil India Ltd. and claimed relief under section 80HHC of the Income-tax Act. The plea of the assessee was rejected by the Income-tax Officer on the ground that the assessee had not exported any goods outside India. The Appellate Assistant Commissioner agreed with the finding of the Income-tax Officer and dismissed the appeal of the assessee in this regard and so also the Tribunal. The pro....

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....erchandise during the previous year exceeds the export turnover of such goods or merchandise during the immediately preceding previous year. (2)(a) This section applies to all goods or merchandise (other than those specified in clause (b)) if the sale proceeds of such goods or merchandise exported out of India are receivable by the assessee in convertible foreign exchange. (b) The goods or m....

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....tion is applicable only if sale proceeds of such goods or merchandise exported out of India are receivable by the assessee in convertible foreign exchange. It is not a case even akin to the case where goods have been exported out of India and the sale proceeds have been received by the assessee in convertible foreign exchange or even if it was receivable in convertible foreign exchange, but due to....