https://www.taxtmi.com/caselaws?id=118341 The Tribunal ruled in favor of the assessee, determining that the primary aim of Section 80HHC is to boost foreign exchange reserves. It concluded that "export" should be interpreted broadly to encompass merchanting trade, thereby not necessitating physical movement of goods into or out of India for deduction eligibility. The Tribunal relied on the Supreme Court's decision in J.B. Boda & Co. (P.) Ltd. and other precedents to support this interpretation. Consequently, the Tribunal allowed the assessee's deduction claim under Section 80HHC for profits from goods sold directly from Germany to Bangladesh. en-us Tue, 18 Apr 2006 00:00:00 +0530 Wed, 20 Mar 2024 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118341 The Tribunal ruled in favor of the assessee, determining that the primary aim of Section 80HHC is to boost foreign exchange reserves. It concluded that "export" should be interpreted broadly to encompass merchanting trade, thereby not necessitating physical movement of goods into or out of India for deduction eligibility. The Tribunal relied on the Supreme Court's decision in J.B. Boda & Co. (P.) Ltd. and other precedents to support this interpretation. Consequently, the Tribunal allowed the assessee's deduction claim under Section 80HHC for profits from goods sold directly from Germany to Bangladesh. Case-Laws Income Tax Tue, 18 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118341