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| The Tax Publishers2021 TaxPub(DT) 3995 (Bang-Trib) INCOME TAX ACT, 1961
Section 80HHB
Though separate books of account were not maintained separate accounts were maintained in respect of each foreign project and audit certificates in Form No. 10CCAH were also furnished in respect of each project. In these circumstances, assessee could not be denied benefit of deduction under section 80HHA on the ground that separate books of account were not maintained for the foreign projects.
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Deduction under section 80HHB - Allowability - Denial on the ground that separate books of account were not maintained for the foreign projects -
Assessee company engaged in the business of various engineering, fabrication and manufacturing and trading of mechanical, electrical and other engineering items. Assessee claimed deduction under section 80HHB. AO denied deduction under section 80HHB for the reason that assessee did not maintain separate books of account in respect of profits and gains derived from the business of executing foreign projects. Held: Though separate books of account were not maintained, separate account were maintained in respect of each foreign project and audit certificates in Form No. 10CCAH were also furnished in respect of each project. In these circumstances, assessee could not be denied benefit of deduction under section 80HHA on the ground that separate books of account were not maintained for the foreign projects.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2002-03
INCOME TAX ACT, 1961
Section 37(1)
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