https://www.taxtmi.com/caselaws?id=2388 The Supreme Court of India considered the interpretation of the word "profits" in Section 80 HHC (3) of the Income Tax Act. The Court noted the existence of multiple views on this term at the time of the Commissioner's order. It clarified that not every loss of revenue due to an Assessing Officer's order is prejudicial to revenue unless the order is erroneous. The Court held that the Assessing Officer's view on Section 80 HHC (3) was sustainable, leading to the dismissal of the civil appeals by the Department. The judgment emphasized that the subsequent retrospective amendment in 2005 did not alter the legal position at the time of the Commissioner's decision in 1997. en-us Thu, 01 Nov 2007 00:00:00 +0530 Sat, 30 Jul 2016 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2388 The Supreme Court of India considered the interpretation of the word "profits" in Section 80 HHC (3) of the Income Tax Act. The Court noted the existence of multiple views on this term at the time of the Commissioner's order. It clarified that not every loss of revenue due to an Assessing Officer's order is prejudicial to revenue unless the order is erroneous. The Court held that the Assessing Officer's view on Section 80 HHC (3) was sustainable, leading to the dismissal of the civil appeals by the Department. The judgment emphasized that the subsequent retrospective amendment in 2005 did not alter the legal position at the time of the Commissioner's decision in 1997. Case-Laws Income Tax Thu, 01 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2388