Interest under s 234B

Waiver — Applicability of circular dated 23 May 1996, circular dated 30 January 1997 and Circular No 2/2006 discussed — The assessee is not entitled to benefit of the circular dated 23 May 1996 and the circular dated 30 January 1997 in the absence of a decision of the Jurisdictional High Court and the Supreme Court on the issue of the addition due to which the interest is liable, as held by DelHC in Raju Bhojwani v Chief CIT — In favour of: The revenue.

Deduction under s 80HHC — If the net result of loss/profit from both the export of self-manufactured goods and trading goods is a loss, the assessee is not entitled to a deduction under s 80HHC.

Decided on: 9 September 2011.