https://www.taxtmi.com/caselaws?id=235075 The Supreme Court clarified the interpretation of Section 80HHC of the Income Tax Act for cases with export turnover exceeding Rs.10 crores. It held that while such assessees may not benefit from certain provisions, they are entitled to exclude a smaller figure from "profits of the business" under Explanation (baa) to Section 80HHC. The Court emphasized that if the statute entitles the deduction on export profits, it cannot be denied. The impugned judgments were set aside, directing the Assessing Officer to compute deductions as per precedent. The Civil Appeals were allowed without costs, providing clarity on Section 80HHC interpretation in such cases. en-us Wed, 08 May 2013 00:00:00 +0530 Wed, 10 Jul 2013 06:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235075 The Supreme Court clarified the interpretation of Section 80HHC of the Income Tax Act for cases with export turnover exceeding Rs.10 crores. It held that while such assessees may not benefit from certain provisions, they are entitled to exclude a smaller figure from "profits of the business" under Explanation (baa) to Section 80HHC. The Court emphasized that if the statute entitles the deduction on export profits, it cannot be denied. The impugned judgments were set aside, directing the Assessing Officer to compute deductions as per precedent. The Civil Appeals were allowed without costs, providing clarity on Section 80HHC interpretation in such cases. Case-Laws Income Tax Wed, 08 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235075