[Civil Appeal No. 8912 of 2003]. What is the correct method of computation of deductions under Section 80HHC(3) of the Income Tax Act, 1961, in the given facts and circumstances, is the question which needs an answer in the present appeal. The given facts and circumstances, as they appear on record, are stated in the summary form herein below: Finance Act of 1983 introduced Section 80HHC of the Income Tax Act, providing incentives to exporters and deductions for persons involved in the export business. Section 80HHC(3)(b) provided the formula for the computation of deduction for persons who do not have business exclusively of export out of India, that is to say, in cases where the assessee is having turnover and income from business in India as well as from the export business. For the sake of convenience, relevant portions of Section 80HHC are extracted herein below:
↧