India - Income Tax Act 2010 - Saarc

S. 80HHC I.T. ACT, 1961 1.428(ii) in respect of trading goods, be the export turnover in respect ofsuch trading goods as reduced by the direct and indirect costsattributable to export of such trading goods :Provided that the profits computed under clause (a) or clause (b) or clause (c) ofthis sub-section shall be further increased by the amount which bears to ninetyper cent of any sum referred to in clause (iiia) (not being profits on sale of alicence acquired from any other person), and clauses (iiib) and (iiic) of section 28,the same proportion as the export turnover bears to the total turnover of thebusiness carried on by the assessee :71[Provided further that in the case of an assessee having export turnover notexceeding rupees ten crores during the previous year, the profits computedunder clause (a) or clause (b) or clause (c) of this sub-section or after giving effectto the first proviso, as the case may be, shall be further increased by the amountwhich bears to ninety per cent of any sum referred to in clause (iiid) or clause(iiie), as the case may be, of section 28, the same proportion as the export turnoverbears to the total turnover of the business carried on by the assessee :Provided also that in the case of an assessee having export turnover exceedingrupees ten crores during the previous year, the profits computed under clause(a) or clause (b) or clause (c) of this sub-section or after giving effect to the firstproviso, as the case may be, shall be further increased by the amount which bearsto ninety per cent of any sum referred to in clause (iiid) of section 28, the sameproportion as the export turnover bears to the total turnover of the businesscarried on by the assessee, if the assessee has necessary and sufficient evidenceto prove that,—(a) he had an option to choose either the duty drawback or the DutyEntitlement Pass Book Scheme, being the Duty Remission Scheme;and(b) the rate of drawback credit attributable to the customs duty washigher than the rate of credit allowable under the Duty EntitlementPass Book Scheme, being the Duty Remission Scheme :Provided also that in the case of an assessee having export turnover exceedingrupees ten crores during the previous year, the profits computed under clause(a) or clause (b) or clause (c) of this sub-section or after giving effect to the firstproviso, as the case may be, shall be further increased by the amount which bearsto ninety per cent of any sum referred to in clause (iiie) of section 28, the sameproportion as the export turnover bears to the total turnover of the businesscarried on by the assessee, if the assessee has necessary and sufficient evidenceto prove that,—(a) he had an option to choose either the duty drawback or the Duty FreeReplenishment Certificate, being the Duty Remission Scheme; and(b) the rate of drawback credit attributable to the customs duty washigher than the rate of credit allowable under the Duty Free ReplenishmentCertificate, being the Duty Remission Scheme.71. Second, third and fourth provisos inserted by the Taxation Laws (Amendment) Act, 2005,w.r.e.f. 1-4-1998.