https://www.taxtmi.com/caselaws?id=366982 The High Court dismissed the Revenue's appeal concerning the interpretation of Section 80HHC of the Income Tax Act, 1961. The Court held that processing charges should be considered part of the gross total income, with only 90% of the net conversion charges to be deducted from the total turnover for calculating business profits. The matter was remanded to the Assessing Officer for the computation of net income, in line with the decisions in ACG Associated Capsules (P) Ltd. and Kadri Mills Ltd. The tax appeal was ultimately dismissed in favor of the Revenue, with directions for the assessee to provide necessary details for assessment. en-us Tue, 04 Sep 2018 00:00:00 +0530 Thu, 13 Sep 2018 08:22:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366982 The High Court dismissed the Revenue's appeal concerning the interpretation of Section 80HHC of the Income Tax Act, 1961. The Court held that processing charges should be considered part of the gross total income, with only 90% of the net conversion charges to be deducted from the total turnover for calculating business profits. The matter was remanded to the Assessing Officer for the computation of net income, in line with the decisions in ACG Associated Capsules (P) Ltd. and Kadri Mills Ltd. The tax appeal was ultimately dismissed in favor of the Revenue, with directions for the assessee to provide necessary details for assessment. Case-Laws Income Tax Tue, 04 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366982