https://www.taxtmi.com/caselaws?id=330774 The High Court ruled in favor of the appellant, clarifying that deductions under Explanation (baa) to Section 80HHC should be based on net amounts of interest, rent, commission, etc., included in business profits. The judgment emphasized deducting 90% of net amounts to ensure accurate calculation of business profits, rejecting the inclusion of gross amounts. This decision aligned with previous rulings, emphasizing consistency and fair application of tax provisions for deductions related to interest, freight, commission, and insurance under Section 80HHC. en-us Fri, 29 Jul 2016 00:00:00 +0530 Fri, 05 Aug 2016 17:15:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330774 The High Court ruled in favor of the appellant, clarifying that deductions under Explanation (baa) to Section 80HHC should be based on net amounts of interest, rent, commission, etc., included in business profits. The judgment emphasized deducting 90% of net amounts to ensure accurate calculation of business profits, rejecting the inclusion of gross amounts. This decision aligned with previous rulings, emphasizing consistency and fair application of tax provisions for deductions related to interest, freight, commission, and insurance under Section 80HHC. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330774