1998 (3) TMI 16

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... application under section 256(2) of the Income-tax Act, 1961. The assessee is a registered firm. It derived income from purchase and sale of precious and semi-precious stones as well as handicraft items. It claimed a sum of Rs. 1,02,955 as deduction under section 80HHC out of the profits earned on export of goods or merchandise out of India and also the sales at the counter to the foreign buye....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessment made under section 143(3) allowed deduction under section 80HHC on sales made in foreign exchange to the foreigners at business counter of the assessee in India ?" The reference application was rejected. The learned Tribunal, after applying its mind and hearing the parties, expressed the view that the issue involved in the appeals was decided by the Tribunal on the basis of the Suprem....