https://www.taxtmi.com/caselaws?id=175458 The High Court upheld the Tribunal's decision that insurance claim and exchange rate fluctuation were not to be considered as 'other receipts' under section 80 HHC(4C) of the Income Tax Act. It was ruled that 90% of such receipts could not be reduced from the 'profit of business'. Additionally, the Court affirmed that sales tax should not be included in the total turnover for computing deduction under section 80HHC. The appeal was dismissed in favor of the assessee, with the Court ruling against the revenue on the key issues. en-us Thu, 18 Jul 2013 00:00:00 +0530 Mon, 23 Nov 2015 10:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175458 The High Court upheld the Tribunal's decision that insurance claim and exchange rate fluctuation were not to be considered as 'other receipts' under section 80 HHC(4C) of the Income Tax Act. It was ruled that 90% of such receipts could not be reduced from the 'profit of business'. Additionally, the Court affirmed that sales tax should not be included in the total turnover for computing deduction under section 80HHC. The appeal was dismissed in favor of the assessee, with the Court ruling against the revenue on the key issues. Case-Laws Income Tax Thu, 18 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175458