https://www.taxtmi.com/caselaws?id=2878 The High Court ruled in favor of the Assessee in a dispute over whether freight charges recovered from a foreign buyer should be considered as 'Indirect Cost' for calculating export turnover under Section 80HHC (3)(b) of the Income Tax Act, 1961. The Court held that the recovered shipment freight, deducted from total turnover to determine the FOB value of exported goods, should not be included in the Assessee's indirect costs. The Court emphasized that recovered shipment freight does not constitute a direct cost and does not form part of export turnover, leading to the dismissal of the Revenue's appeal. en-us Tue, 09 Jan 2007 00:00:00 +0530 Thu, 31 Jul 2008 08:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2878 The High Court ruled in favor of the Assessee in a dispute over whether freight charges recovered from a foreign buyer should be considered as 'Indirect Cost' for calculating export turnover under Section 80HHC (3)(b) of the Income Tax Act, 1961. The Court held that the recovered shipment freight, deducted from total turnover to determine the FOB value of exported goods, should not be included in the Assessee's indirect costs. The Court emphasized that recovered shipment freight does not constitute a direct cost and does not form part of export turnover, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 09 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2878