https://www.taxtmi.com/caselaws?id=367061 The appeals by the Revenue challenging the deduction under section 80 HHC of the Income Tax Act were dismissed. The Tribunal's decision to allow the deduction based on book profits under section 115JA, even when eligible profits under section 80HHC were Nil, was upheld. Additionally, the eligibility of expenditure incurred on the issue of shares to be amortized under section 35D and the allowance of loss on account of exchange fluctuation for payments not yet made were both decided in favor of the assessee, leading to the dismissal of the appeals without costs. en-us Fri, 31 Aug 2018 00:00:00 +0530 Fri, 14 Sep 2018 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367061 The appeals by the Revenue challenging the deduction under section 80 HHC of the Income Tax Act were dismissed. The Tribunal's decision to allow the deduction based on book profits under section 115JA, even when eligible profits under section 80HHC were Nil, was upheld. Additionally, the eligibility of expenditure incurred on the issue of shares to be amortized under section 35D and the allowance of loss on account of exchange fluctuation for payments not yet made were both decided in favor of the assessee, leading to the dismissal of the appeals without costs. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367061