https://www.taxtmi.com/caselaws?id=10027 The High Court ruled against the assessee in a case concerning the interpretation of provisions in section 80HHC of the Income-tax Act, 1961. The Court disagreed with the Tribunal's view that losses should be considered as profits for deduction purposes under section 80HHC(3). It held that 'profit' should be interpreted in its natural sense, distinct from losses, favoring the Department's stance. The judgment clarified that losses cannot be treated as profits under section 80HHC, ultimately deciding in favor of the Department and against the assessee on the computation of profits for deduction. en-us Mon, 02 Aug 2004 00:00:00 +0530 Sun, 05 Jul 2009 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10027 The High Court ruled against the assessee in a case concerning the interpretation of provisions in section 80HHC of the Income-tax Act, 1961. The Court disagreed with the Tribunal's view that losses should be considered as profits for deduction purposes under section 80HHC(3). It held that 'profit' should be interpreted in its natural sense, distinct from losses, favoring the Department's stance. The judgment clarified that losses cannot be treated as profits under section 80HHC, ultimately deciding in favor of the Department and against the assessee on the computation of profits for deduction. Case-Laws Income Tax Mon, 02 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10027