https://www.taxtmi.com/caselaws?id=358604 The High Court ruled in favor of the Revenue in a tax case concerning deductions under section 80HHC of the Income Tax Act. The court emphasized the need to exclude certain receipts, like processing charges, without a nexus to export turnover when calculating export profits. Additionally, the court directed the exclusion of only net interest or net rent, not gross amounts, from business profits under clause (baa) of Explanation to section 80HHC. The case was partly allowed, and the second issue was remanded for reassessment in line with the Supreme Court's decision in a related case. en-us Tue, 03 Apr 2018 00:00:00 +0530 Sat, 14 Apr 2018 07:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358604 The High Court ruled in favor of the Revenue in a tax case concerning deductions under section 80HHC of the Income Tax Act. The court emphasized the need to exclude certain receipts, like processing charges, without a nexus to export turnover when calculating export profits. Additionally, the court directed the exclusion of only net interest or net rent, not gross amounts, from business profits under clause (baa) of Explanation to section 80HHC. The case was partly allowed, and the second issue was remanded for reassessment in line with the Supreme Court's decision in a related case. Case-Laws Income Tax Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358604