https://www.taxtmi.com/caselaws?id=259815 The court held that interest income of Rs. 1,76,930/- did not qualify for deduction under section 80 HHC as it lacked a direct nexus to export activities. The amendment in section 80 HHC, including sub-section (4B), applied retroactively affecting deductions for prior periods. Earning income in convertible foreign exchange was not a prerequisite for deduction eligibility, but the interest income must be directly linked to the export business. The court ruled in favor of the Revenue, denying the deduction claim by the assessee. en-us Fri, 01 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259815 The court held that interest income of Rs. 1,76,930/- did not qualify for deduction under section 80 HHC as it lacked a direct nexus to export activities. The amendment in section 80 HHC, including sub-section (4B), applied retroactively affecting deductions for prior periods. Earning income in convertible foreign exchange was not a prerequisite for deduction eligibility, but the interest income must be directly linked to the export business. The court ruled in favor of the Revenue, denying the deduction claim by the assessee. Case-Laws Income Tax Fri, 01 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259815