2009 (4) TMI 37

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....n law in holding that the appellant is not entitled to deduction Under 80HHC without giving an opportunity to the appellant? 2. Whether the Tribunal is correct in confirming the order of the respondent with reference to the computation of deduction under Section 80HHC even though the Appellant had exported directly and also exported through certain export houses falling within the ambit of sub-section (3A) of the Act"?. 2. The assessee is a company incorporated under the Companies Act. The assessee is engaged in the business of sea foods export. The relevant assessment year is 2000-2001 and the corresponding previous year ended is as on 31.3.2000. For the above assessment years, the assessee filed a return admitting 'NIL' income after....

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....lant strenuously argued that the assessee was not given an opportunity to put forth his case before the Tribunal and the matter requires to be remitted to the Assessing Officer so as to re-compute the deduction. He further contended that there is no loss, if deduction is properly computed. It is only a profit earning concern and as such he is entitled to the benefit under Section 80 HHC. 4. On the contrary, learned counsel for the Revenue has submitted that as seen from the orders of the lower authorities, the profit is only negative figure and in such circumstance, the decision of the Supreme Court would definitely come into play. 5. We have heard the contentions of both sides and perused the materials available on record. We are of ....

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....nbsp;                                           - (8.69.84026 x 43.12.77.378/79.80.93.324)                Rs.470.04.832   The profit of the business as per explanation (baa) to sec.80HHC for the year comes to Rs.(-) 7,62,82,713/-. The appellant ignored this negative figure and treated it as nil and claimed deduction u/s 80HHC on DEPB income at Rs.4,70,04,832/-."  6. Before the Tribunal, the  solitary issue raised was that the Co....