2024 (12) TMI 1347

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....Counsel Represents M/s. CKR Associates. For the Respondent: Mr. J.V. Prasad, learned Senior Standing Counsel for Income Tax Department. JUDGMENT PER (THE HON'BLE THE CHIEF JUSTICE ALOK ARADHE) Mr. M. Sridhar, learned counsel represents M/s. CKR Associates for the appellant. Mr. J.V. Prasad, learned Senior Standing Counsel for Income Tax Department appears for the respondent. 2. T....

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....come on 31.12.1999 for the assessment year 1999-2000. In the return of income, the assessee had declared the income of Rs. 47,94,40,392/- before claiming deductions under Section 80HHC and Section 80G of the Act. The assessee claimed deduction of Rs. 1,12,37,088/- under Section 80HHC of the Act, which was computed by treating various heads of income amounting to Rs. 552.60 lakhs as profits of busi....

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.... of Income Tax (Appeals) (hereinafter referred to as 'CIT(A)'), who by order dated 02.12.2002, inter alia held that miscellaneous receipts ought to be reduced by 90% as per Explanation (baa) of Section 80HHC of the Act. Accordingly, the appeal was dismissed. The assessee thereupon filed an appeal before the Tribunal. The Tribunal, by the impugned order dated 28.02.2007, affirmed the order passed b....

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....ax (2015) 370 ITR 216. 8. On the other hand, learned Standing Counsel for the Revenue has supported the order passed by the authorities under the Act and submitted that the assessee has failed to establish that the amount of Rs. 5,52,60,467/- was received from the export business. It is also urged that the matter stands concluded by findings of fact against the assessee. 9. We have considere....