The Commissioner Of Income Tax v. M/S.veerprabhu Export House
High Court
20 Feb 2009 In favour of: Unclear
Forum / Bench
High Court · newos
Parties
The Commissioner Of Income Tax v. M/S.veerprabhu Export House
Date of order
20 Feb 2009
Assessment year(s)
1998-99
Outcome
Other
Case summary
In The Commissioner Of Income Tax v. M/S.veerprabhu Export House, the High Court (2009) decided the matter.
Issue: Admit on the following question:- "(1) Whether on the facts and in the circumstances of the case and in law, the Hon’ble ITAT is right in directing to treat the unrealized sale proceeds of exports as local sales and further directing to reduce the direct and indirect cost of such sales without appre...
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
(-1-)
MGN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.149 of 2008
The Commissioner of Income Tax ...........Appellant
Vs.
M/s.Veerprabhu Export House........Respondent
Mr.A.S. Shivsharan, for the Appellant
None for the respondent.
CORAM: F.I.REBELLO&R.S.MOHITE, JJ.DATED: 20th February,2009
CORAM: F.I.
R.S.MOHITE, JJ.
DATED: 20th February,2009
P.C.
P.C.
. Admit on the following question:-
"(1) Whether on the facts and in the
circumstances of the case and in law, the
Hon’ble ITAT is right in directing to treat
the unrealized sale proceeds of exports as
local sales and further directing to reduce
the direct and indirect cost of such sales
without appreciating the provisions of
Sec.80HHC of the IT Act, 1961.
2. Whether on the facts and in the
circumstances of the case and in law, the
ITAT was correct to include the excess
provision of last year’s credit amounting to
(-2-)
Rs.5,25,512/- and written off in this year,
for computing deduction u/s.80HHC, though
this is deemed income as per the provisions
of Sec.41 of the IT Act and has no nexus
with the export activity and export profit
of the previous year relevant to A.Y.
1998-99."
(R.S.MOHITE, J.) (F.I.REBELLO,J.)
(R.S.MOHITE, J.) (F.I.REBELLO,J.)
(R.S.MOHITE, J.) (F.I.REBELLO,J.)
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