https://www.taxtmi.com/caselaws?id=221481 The court upheld the decision of the ITAT and CIT(A), allowing the assessee to claim a deduction under Section 80HHC for the income surrendered due to increased valuation of closing stock during a survey. The court found that the excess stock income should be included in the "profits of business" as the assessee met all conditions for the deduction, particularly as the business involved handicraft item exports. The court distinguished the case from precedent where the burden of proof was not met, affirming the deduction and dismissing the Revenue's appeal. en-us Tue, 29 Jan 2013 00:00:00 +0530 Wed, 15 May 2013 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221481 The court upheld the decision of the ITAT and CIT(A), allowing the assessee to claim a deduction under Section 80HHC for the income surrendered due to increased valuation of closing stock during a survey. The court found that the excess stock income should be included in the "profits of business" as the assessee met all conditions for the deduction, particularly as the business involved handicraft item exports. The court distinguished the case from precedent where the burden of proof was not met, affirming the deduction and dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 29 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221481