https://www.taxtmi.com/caselaws?id=175546 The High Court upheld the Income Tax Appellate Tribunal's decision regarding insurance claim, exchange rate fluctuation, and premium on export quota sales under Section 80HHC of the Income Tax Act. The Court dismissed the revenue's appeal, ruling that these items were not to be reduced from 'profit of business' and that only 10% of the premium on export quota sales could be considered for deductions. The decision aligned with previous judgments favoring the assessee, ultimately leading to the dismissal of the appeal in favor of the assessee. en-us Thu, 18 Jul 2013 00:00:00 +0530 Wed, 25 Nov 2015 18:17:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175546 The High Court upheld the Income Tax Appellate Tribunal's decision regarding insurance claim, exchange rate fluctuation, and premium on export quota sales under Section 80HHC of the Income Tax Act. The Court dismissed the revenue's appeal, ruling that these items were not to be reduced from 'profit of business' and that only 10% of the premium on export quota sales could be considered for deductions. The decision aligned with previous judgments favoring the assessee, ultimately leading to the dismissal of the appeal in favor of the assessee. Case-Laws Income Tax Thu, 18 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175546