https://www.taxtmi.com/caselaws?id=214632 The court upheld the Commissioner's decision in dismissing the appellant's challenge against the reduction in export profit claim, resulting in the levy of interest under Sections 234B & 234C of the Income Tax Act. The court found that the disallowance of export turnover and the levy of interest were justified as the appellant failed to exclude turnover not received in convertible foreign exchange within the statutory period. The appellant's argument for a proportionate reduction in direct and indirect costs related to export trading was also rejected. The court dismissed the Writ Appeal, affirming the revised tax demand and interest levy. en-us Wed, 30 May 2012 00:00:00 +0530 Sat, 07 Jul 2012 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214632 The court upheld the Commissioner's decision in dismissing the appellant's challenge against the reduction in export profit claim, resulting in the levy of interest under Sections 234B & 234C of the Income Tax Act. The court found that the disallowance of export turnover and the levy of interest were justified as the appellant failed to exclude turnover not received in convertible foreign exchange within the statutory period. The appellant's argument for a proportionate reduction in direct and indirect costs related to export trading was also rejected. The court dismissed the Writ Appeal, affirming the revised tax demand and interest levy. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214632