2008 (2) TMI 385

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....NT The judgment of the court was delivered by DEEPAK VERMA J. - Heard Sri M. V. Seshachala, learned counsel for the appellant and Sri S. Parthasarathi, learned counsel for the respondent. 2. This appeal is at the instance of the Revenue under section 260A of the Income-tax Act, 1961, against the order passed by the Income-tax Appellate Tribunal on August 19, 2002, in I. T. A. No. 36/Bang/....

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....eaning of the word "profit", has made the following observations (headnote): "The word 'profit' in section 80HHC(1) and (3) of the Income-tax Act, 1961, means a positive profit. A plain reading of sub-section (3)(c) shows that 'profits from such exports' has to be profits from exports of self-manufactured goods plus profits from exports of trading goods. The profit is to be calculated in the ma....