https://www.taxtmi.com/caselaws?id=264190 The Supreme Court interpreted Section 80HHC of the Income Tax Act, 1961, regarding deduction eligibility for export profits exceeding Rs. 10 crores. The Court clarified that while certain benefits may be denied under Section 80HHC, an assessee would still receive the benefit of excluding a smaller figure from "profits of the business" under Explanation (baa) to Section 80HHC. The Court emphasized adherence to the strict language of the taxing statute. The judgment also directed the Assessing Officer to compute deductions in line with the Topman Exports case, ensuring consistency in tax law application for export profits exceeding Rs. 10 crores. en-us Mon, 20 Jan 2014 00:00:00 +0530 Sat, 18 Aug 2018 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264190 The Supreme Court interpreted Section 80HHC of the Income Tax Act, 1961, regarding deduction eligibility for export profits exceeding Rs. 10 crores. The Court clarified that while certain benefits may be denied under Section 80HHC, an assessee would still receive the benefit of excluding a smaller figure from "profits of the business" under Explanation (baa) to Section 80HHC. The Court emphasized adherence to the strict language of the taxing statute. The judgment also directed the Assessing Officer to compute deductions in line with the Topman Exports case, ensuring consistency in tax law application for export profits exceeding Rs. 10 crores. Case-Laws Income Tax Mon, 20 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264190