https://www.taxtmi.com/caselaws?id=182349 The Tribunal allowed the Revenue's appeals, overturning the CIT(A)'s decisions and restoring the Assessing Officer's orders regarding the interpretation of section 80HHC for deduction calculation. The Tribunal emphasized the need for a direct nexus between profits and export activities, following the CBDT circular's guidelines. It clarified that the export profit calculation method should consider export turnover to total turnover proportionately, including income from the sale of gunny bags as part of export profit. The Tribunal found no conflict between the circular and the High Court's interpretation of section 80HHC. en-us Mon, 08 Jul 2002 00:00:00 +0530 Sat, 07 May 2016 16:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182349 The Tribunal allowed the Revenue's appeals, overturning the CIT(A)'s decisions and restoring the Assessing Officer's orders regarding the interpretation of section 80HHC for deduction calculation. The Tribunal emphasized the need for a direct nexus between profits and export activities, following the CBDT circular's guidelines. It clarified that the export profit calculation method should consider export turnover to total turnover proportionately, including income from the sale of gunny bags as part of export profit. The Tribunal found no conflict between the circular and the High Court's interpretation of section 80HHC. Case-Laws Income Tax Mon, 08 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182349