https://www.taxtmi.com/caselaws?id=10934 The High Court of BOMBAY upheld the Income-tax Appellate Tribunal's decision, ruling that the appellant was not entitled to deductions under section 80HHC of the Income-tax Act, 1961, based on profit/loss from the export of trading goods. The court emphasized that only positive profits are eligible for deduction under section 80HHC, rejecting the appellant's argument that negative profit or loss should be considered as nil. The court aligned with the Supreme Court's interpretation, dismissing the appellant's claim for benefits under section 115JA and affirming the Tribunal's decision on deduction eligibility. en-us Wed, 04 Aug 2004 00:00:00 +0530 Tue, 28 Jul 2009 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10934 The High Court of BOMBAY upheld the Income-tax Appellate Tribunal's decision, ruling that the appellant was not entitled to deductions under section 80HHC of the Income-tax Act, 1961, based on profit/loss from the export of trading goods. The court emphasized that only positive profits are eligible for deduction under section 80HHC, rejecting the appellant's argument that negative profit or loss should be considered as nil. The court aligned with the Supreme Court's interpretation, dismissing the appellant's claim for benefits under section 115JA and affirming the Tribunal's decision on deduction eligibility. Case-Laws Income Tax Wed, 04 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10934