https://www.taxtmi.com/caselaws?id=175448 The High Court upheld the decisions of the lower authorities, ruling that insurance claims cannot be reduced from business income for deduction purposes under Section 80 HHC (4C) of the Income Tax Act. Sales tax and CST were also excluded from total turnover for deduction under Section 80 HCC, following a Supreme Court judgment. Premium on export quota sales was likewise not entitled to deduction under Section 80 HHC(3) based on precedent. The court's decision was supported by legal principles and previous case law, emphasizing that insurance claims do not qualify as business income for deduction purposes. en-us Thu, 18 Jul 2013 00:00:00 +0530 Wed, 01 Mar 2017 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175448 The High Court upheld the decisions of the lower authorities, ruling that insurance claims cannot be reduced from business income for deduction purposes under Section 80 HHC (4C) of the Income Tax Act. Sales tax and CST were also excluded from total turnover for deduction under Section 80 HCC, following a Supreme Court judgment. Premium on export quota sales was likewise not entitled to deduction under Section 80 HHC(3) based on precedent. The court's decision was supported by legal principles and previous case law, emphasizing that insurance claims do not qualify as business income for deduction purposes. Case-Laws Income Tax Thu, 18 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175448