https://www.taxtmi.com/caselaws?id=234400 The High Court interpreted Section 28 and Section 80 HHC of the Income Tax Act in a case concerning the profit on transfer of the Duty Entitlement Pass Book Scheme for deduction purposes. Following the precedent set by the Supreme Court in a related case, the High Court allowed the appeal, directing the Assessing Officer to compute the deduction under Section 80HHC based on export proceeds rather than profits from the scheme. The judgment favored the assessee, clarifying the computation of deductions for eligible assessees with export turnovers exceeding Rs. 10 crores. en-us Tue, 21 May 2013 00:00:00 +0530 Mon, 10 Jun 2013 09:35:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234400 The High Court interpreted Section 28 and Section 80 HHC of the Income Tax Act in a case concerning the profit on transfer of the Duty Entitlement Pass Book Scheme for deduction purposes. Following the precedent set by the Supreme Court in a related case, the High Court allowed the appeal, directing the Assessing Officer to compute the deduction under Section 80HHC based on export proceeds rather than profits from the scheme. The judgment favored the assessee, clarifying the computation of deductions for eligible assessees with export turnovers exceeding Rs. 10 crores. Case-Laws Income Tax Tue, 21 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234400