Court held that  the receipts by way of shipping agency fees and the hire charges of machinery and installation had to be reduced in terms of  Explanation (baa)  to section 80HHC of the Income-tax Act, 1961. However, such reduction had to be on net basis and not on gross basis. That the receipts toward hire of ships/transhippers and hire charges of barges had to be reduced in terms of Explanation (baa) to section 80HHC.  That proceeds of services and repairs of vessels by shipyards were not covered under Explanation (baa) to section 80HHC and, therefore, there was no question of reduction of such receipts from out of the profits. (AY. 1997-98)