https://www.taxtmi.com/caselaws?id=183170 The High Court held that the assessee was not entitled to 100% deduction under Section 80-HHC of the Income Tax Act for export business profits. The Court emphasized that the deduction should be based on the entire profit of the business, apportioned according to export turnover relative to total turnover, in line with legislative intent. The Court rejected the Tribunal's reliance on separate books of accounts and ruled in favor of the revenue, highlighting the need to compute profits as per Income Tax Rules, not based on accounting practices. en-us Thu, 07 Apr 2005 00:00:00 +0530 Tue, 31 May 2016 15:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183170 The High Court held that the assessee was not entitled to 100% deduction under Section 80-HHC of the Income Tax Act for export business profits. The Court emphasized that the deduction should be based on the entire profit of the business, apportioned according to export turnover relative to total turnover, in line with legislative intent. The Court rejected the Tribunal's reliance on separate books of accounts and ruled in favor of the revenue, highlighting the need to compute profits as per Income Tax Rules, not based on accounting practices. Case-Laws Income Tax Thu, 07 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183170