The head note to Section 80HHC refers to deduction in respect of profits retained for export business. It is not profits retained from export business – Supreme Court
This Section 80 HHC of the Income Tax Act must have seen more litigation than any other Section. And this must be one of the most amended Sections of the Income Tax Act. In this latest judgement of the Supreme Court which we bring to you today, the Court has referred to the Heading of the Section. Remember yesterday's DDT, where we discussed about the head and tail of a Section.