https://www.taxtmi.com/caselaws?id=151666 The Tribunal upheld the order of the Commissioner of Income-tax (Appeals), confirming the deduction of entire direct and indirect costs from sale proceeds realized in convertible foreign exchange to accurately compute export profits under section 80HHC(3). The decision emphasized that only positive profits entitle an assessee to a deduction under section 80HHC(1), aligning with legislative intent and judicial interpretations. The appeal by the assessee was dismissed, highlighting the necessity to deduct all costs to determine eligible export profits. en-us Thu, 14 Aug 2008 00:00:00 +0530 Tue, 11 Jun 2013 15:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151666 The Tribunal upheld the order of the Commissioner of Income-tax (Appeals), confirming the deduction of entire direct and indirect costs from sale proceeds realized in convertible foreign exchange to accurately compute export profits under section 80HHC(3). The decision emphasized that only positive profits entitle an assessee to a deduction under section 80HHC(1), aligning with legislative intent and judicial interpretations. The appeal by the assessee was dismissed, highlighting the necessity to deduct all costs to determine eligible export profits. Case-Laws Income Tax Thu, 14 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151666