https://www.taxtmi.com/caselaws?id=76903 Freight and insurance receipts are not part of total turnover because they lack a profit element, and therefore must be excluded from turnover for computation purposes. Add-back of disallowed expenditures (such as provident fund/ESIC) increases business profits and must be taken into account when computing tax exemptions; such additions cannot be ignored in absence of a statutory provision to the contrary. Interest income is to be treated by excluding interest (not gross receipts) for the purpose of computing the other deduction, affecting the deductible base. Foreign exchange gains on realization of export receipts qualify for exemption in the year of export. en-us Wed, 23 Jun 2010 00:00:00 +0530 Fri, 30 Jan 2026 14:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76903 Freight and insurance receipts are not part of total turnover because they lack a profit element, and therefore must be excluded from turnover for computation purposes. Add-back of disallowed expenditures (such as provident fund/ESIC) increases business profits and must be taken into account when computing tax exemptions; such additions cannot be ignored in absence of a statutory provision to the contrary. Interest income is to be treated by excluding interest (not gross receipts) for the purpose of computing the other deduction, affecting the deductible base. Foreign exchange gains on realization of export receipts qualify for exemption in the year of export. Case-Laws Income Tax Wed, 23 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76903