https://www.taxtmi.com/caselaws?id=216173 For assessment year 1991-92, interest receipts assessed as business income could form part of the "profits of the business" for deduction under Section 80HHC, and they could not be excluded merely because the domestic activity had no export nexus. The statutory formula in Section 80HHC(3) had to be applied as it stood for the relevant year. Clause (baa) of the Explanation, which excludes receipts such as interest lacking a turnover element, operated only prospectively from assessment year 1992-93 and did not govern earlier years. The issue was answered in favour of the assessee and against the revenue. en-us Mon, 06 Aug 2012 00:00:00 +0530 Sat, 16 Feb 2013 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216173 For assessment year 1991-92, interest receipts assessed as business income could form part of the "profits of the business" for deduction under Section 80HHC, and they could not be excluded merely because the domestic activity had no export nexus. The statutory formula in Section 80HHC(3) had to be applied as it stood for the relevant year. Clause (baa) of the Explanation, which excludes receipts such as interest lacking a turnover element, operated only prospectively from assessment year 1992-93 and did not govern earlier years. The issue was answered in favour of the assessee and against the revenue. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216173