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of <h1>Supreme Court allows Revenue's appeal on setting off export losses against profits</h1> The Supreme Court allowed the Revenue's appeal, holding that losses from the export of trading goods can be set off against profits from the export of ... Whether the loss suffered in the export of trading goods can be adjusted against the profit obtained from the export of owned goods - s. 80HHC makes it clear that in arriving at the profits earned from export of both self-manufactured goods and trading goods, the profits & losses in both the trades have to be taken into consideration. If after such adjustments, there is a positive profit, the assessee would be entitled to deduction u/s 80HHC(1) The Supreme Court allowed the appeal by the Revenue, stating that losses from the export of trading goods can be adjusted against profits from the export of owned goods. The decision overturned the High Court's ruling in favor of the assessee. (Case citation: 2005 (8) TMI 32 - SC)
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