https://www.taxtmi.com/caselaws?id=389445 The Court ruled in favor of the appellant, stating that deductions under Section 80HHC should be based on net receipts, not gross income. The Court emphasized the importance of interpreting Clause (baa) in line with the ACG Associated Capsules case, directing the revenue to rework the assessment accordingly. Additionally, the Court found in favor of the appellant regarding the treatment of losses from export of trading goods for deduction under Section 80HHC, instructing the modification of impugned orders. The appeal was disposed of with clarity on the correct method of computing deductions. en-us Fri, 22 Nov 2019 00:00:00 +0530 Mon, 09 Dec 2019 10:19:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389445 The Court ruled in favor of the appellant, stating that deductions under Section 80HHC should be based on net receipts, not gross income. The Court emphasized the importance of interpreting Clause (baa) in line with the ACG Associated Capsules case, directing the revenue to rework the assessment accordingly. Additionally, the Court found in favor of the appellant regarding the treatment of losses from export of trading goods for deduction under Section 80HHC, instructing the modification of impugned orders. The appeal was disposed of with clarity on the correct method of computing deductions. Case-Laws Income Tax Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389445