India - Income Tax Act 2010 - Saarc

1.431 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80HHC86[(4C) The provisions of this section shall apply to an assessee,—(a) for an assessment year beginning after the 31st day of March, 2004and ending before the 1st day of April, 2005;(b) who owns any undertaking which manufactures or produces goodsor merchandise anywhere in India (outside any special economiczone) and sells the same to any undertaking situated in a specialeconomic zone which is eligible for deduction under section 10A andsuch sale shall be deemed to be export out of India for the purposesof this section.]Explanation.—For the purposes of this section,—(a) “convertible foreign exchange” means foreign exchange which is forthe time being treated by the Reserve Bank of India as convertibleforeign exchange for the purposes of the Foreign Exchange RegulationAct, 1973 (46 of 1973), and any rules made thereunder ;87[(aa) “export out of India” shall not include any transaction by way of saleor otherwise 88 , in a shop, 89 emporium or any other establishmentsituate in India, not involving clearance at any customs station 90 asdefined in the Customs Act, 1962 (52 of 1962) ;](b) “export turnover” means the sale proceeds 91 [, received in, or broughtinto, India] by the assessee in convertible foreign exchange 92 [inaccordance with clause (a) of sub-section (2)] of any goods ormerchandise to which this section applies and which are exported outof India, but does not include freight or insurance attributable to thetransport of the goods or merchandise beyond the customs station 90as defined in the Customs Act, 1962 (52 of 1962) ;]93[(ba) “total turnover” shall not include freight or insurance attributable tothe transport of the goods or merchandise beyond the customsstation 90 as defined in the Customs Act, 1962 (52 of 1962) :Provided that in relation to any assessment year commencing on orafter the 1st day of April, 1991, the expression “total turnover” shallhave effect as if it also excluded any sum referred to in clauses (iiia),(iiib) 94 [, (iiic), (iiid) and (iiie)] of section 28 ;]86. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.87. Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1986.88. For the meaning of expression “or otherwise”, see Taxmann’s Direct Taxes Manual,Vol. 3.89. See Circular No. 624, dated 23-1-1992. For details, see Taxmann’s Master Guide to IncometaxAct.90. Section 2(13) of the Customs Act, 1962, defines “customs station” as follows :‘(13) “customs station” means any customs port, customs airport or land customs station ;’91. Substituted for “receivable” by the Finance Act, 1990, w.e.f. 1-4-1991.92. Inserted, ibid.93. Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1987.94. Substituted for “and (iiic)” by the Taxation Laws (Amendment) Act, 2005, w.r.e.f.1-4-1998.