https://www.taxtmi.com/caselaws?id=121015 The Tribunal reversed the CIT(A)'s decision and upheld the Assessing Officer's order to include the cost of rough and rejected diamonds in the total turnover for computing allowable deduction under section 80HHC. The Tribunal determined that the export sales of rough and rejected diamonds constituted "total turnover" as per the provisions of section 80HHC(3), emphasizing that the deduction was limited to profits derived from the export business. Therefore, the appeal filed by the Department was allowed, and the cost of rough and rejected diamonds was considered part of the total turnover for the purpose of calculating the deduction. en-us Fri, 17 Aug 2007 00:00:00 +0530 Thu, 26 Jul 2012 10:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121015 The Tribunal reversed the CIT(A)'s decision and upheld the Assessing Officer's order to include the cost of rough and rejected diamonds in the total turnover for computing allowable deduction under section 80HHC. The Tribunal determined that the export sales of rough and rejected diamonds constituted "total turnover" as per the provisions of section 80HHC(3), emphasizing that the deduction was limited to profits derived from the export business. Therefore, the appeal filed by the Department was allowed, and the cost of rough and rejected diamonds was considered part of the total turnover for the purpose of calculating the deduction. Case-Laws Income Tax Fri, 17 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121015