https://www.taxtmi.com/caselaws?id=215775 The court held that the total turnover for computing export profits under Section 80HHC must include the entire business turnover, rejecting the argument to limit it to a specific unit. Interest income was not considered as "business income" for deductions under Section 32AB based on precedent. Expenses for accommodating touring employees were disallowed under Section 37(3) as they fell within the provision. Depreciation for 21 months, not 12, was deemed applicable for deduction under Section 32AB for the relevant assessment year. The court ruled in favor of the Revenue, dismissing the Income Tax Appeals. en-us Mon, 09 Jul 2012 00:00:00 +0530 Fri, 17 Aug 2012 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215775 The court held that the total turnover for computing export profits under Section 80HHC must include the entire business turnover, rejecting the argument to limit it to a specific unit. Interest income was not considered as "business income" for deductions under Section 32AB based on precedent. Expenses for accommodating touring employees were disallowed under Section 37(3) as they fell within the provision. Depreciation for 21 months, not 12, was deemed applicable for deduction under Section 32AB for the relevant assessment year. The court ruled in favor of the Revenue, dismissing the Income Tax Appeals. Case-Laws Income Tax Mon, 09 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215775