https://www.taxtmi.com/caselaws?id=5752 The dominant issue was whether profits earned by an assessee from sale of goods manufactured using imported palm oil could be treated as "profits and gains derived from export" to claim the benefit under s. 2(5)(i) of the Finance (No. 2) Act, 1962. The SC held that business income must be computed under ss. 28-43C of the Income-tax Act and that the requisite nexus requires the export itself to be the proximate source of profit. Here, the immediate source was the domestic sale of manufactured goods; the earlier export merely enabled import entitlements and was too remote in the causal chain. The claim for the allowance was rejected and the appeals were dismissed. en-us Tue, 02 Sep 1997 00:00:00 +0530 Mon, 29 Dec 2025 19:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5752 The dominant issue was whether profits earned by an assessee from sale of goods manufactured using imported palm oil could be treated as "profits and gains derived from export" to claim the benefit under s. 2(5)(i) of the Finance (No. 2) Act, 1962. The SC held that business income must be computed under ss. 28-43C of the Income-tax Act and that the requisite nexus requires the export itself to be the proximate source of profit. Here, the immediate source was the domestic sale of manufactured goods; the earlier export merely enabled import entitlements and was too remote in the causal chain. The claim for the allowance was rejected and the appeals were dismissed. Case-Laws Income Tax Tue, 02 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5752