https://www.taxtmi.com/caselaws?id=13081 The court upheld the Assessing Officer's rejection of the application for revising the assessment under section 154 of the Income-tax Act, finding the exemption claim under section 80HHC to be inadmissible. It affirmed the adjustments made by the Assessing Officer under section 143(1)(a) and ruled that interest on deposits cannot be considered as profits derived from business for deduction under section 80HHC. The court concluded that the Assessing Officer acted within jurisdiction in disallowing claims for deduction not derived from the export of goods and merchandise. The decision favored the Revenue over the assessee in all aspects. en-us Thu, 18 Oct 2001 00:00:00 +0530 Tue, 26 May 2009 12:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13081 The court upheld the Assessing Officer's rejection of the application for revising the assessment under section 154 of the Income-tax Act, finding the exemption claim under section 80HHC to be inadmissible. It affirmed the adjustments made by the Assessing Officer under section 143(1)(a) and ruled that interest on deposits cannot be considered as profits derived from business for deduction under section 80HHC. The court concluded that the Assessing Officer acted within jurisdiction in disallowing claims for deduction not derived from the export of goods and merchandise. The decision favored the Revenue over the assessee in all aspects. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13081