https://www.taxtmi.com/caselaws?id=9951 The High Court held that interest and other income totaling Rs. 451.4 lakhs should not be considered under the head 'Profits and gains of business' for calculating deduction under section 80HHC of the Income-tax Act, 1961. The court emphasized that income for this deduction must be derived from the export of goods, ruling against the assessee's inclusion of such income. The judgment favored the Revenue, citing the necessity for income to have a direct connection to export activities to qualify for the deduction under section 80HHC. en-us Fri, 16 Jun 2006 00:00:00 +0530 Fri, 03 Jul 2009 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9951 The High Court held that interest and other income totaling Rs. 451.4 lakhs should not be considered under the head 'Profits and gains of business' for calculating deduction under section 80HHC of the Income-tax Act, 1961. The court emphasized that income for this deduction must be derived from the export of goods, ruling against the assessee's inclusion of such income. The judgment favored the Revenue, citing the necessity for income to have a direct connection to export activities to qualify for the deduction under section 80HHC. Case-Laws Income Tax Fri, 16 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9951