Supreme Court of India
M/s. Hero Exports, G.T. Road, Ludhiana v. Commissioner of Income Tax, (central), Ludhiana
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What the Court ordered
For the above reasons, we set aside the impugned judgments of the High Court are re aride dated 22.12.2006 and the orders of the TATA restore the orders of the Income Tax Appellate Tribunal dated 30.9.2003, 24.10.2003, 13.2.2004 and 26.8.2004.
Judgment, page 15
From the headnote
Income Tax Act, 1961-s.80HHC(3)(b) r/w clauses (d) and (e) of Explanation to s.80HHC(3)-Assessment Years 1994-95to1997-98- Asses see engaged in export of trading goods-Deriving income from c such export and also other income on account of export incentives etc. -Common pool of expenses with regard to both incomes-Claim for adjustment of 10% of other income from export incentives etc. > against indirect cost of trading goods-Entitlement for-Held: Entitled-Guidance value of 10% of other income from export incentives etc. is fair estimate-This guidance value flowing from the scheme of s. 80HHC
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