https://www.taxtmi.com/caselaws?id=391257 The High Court ruled in favor of the appellant, an exporter of cut and polished diamonds, regarding the exclusion of reassortment and labor commission charges for deduction calculation under Section 80 HHC of the Income Tax Act. The Court emphasized the need for a direct nexus between profits and export activities to claim deductions under Section 80 HHC. The Supreme Court's clarification that the amendment to Section 80 HHC was prospective, not retrospective, influenced the outcome, leading to the dismissal of the Revenue's challenge and upholding the appellant's position on the exclusion of charges for deduction calculation purposes. en-us Mon, 13 Jan 2020 00:00:00 +0530 Wed, 19 Feb 2020 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391257 The High Court ruled in favor of the appellant, an exporter of cut and polished diamonds, regarding the exclusion of reassortment and labor commission charges for deduction calculation under Section 80 HHC of the Income Tax Act. The Court emphasized the need for a direct nexus between profits and export activities to claim deductions under Section 80 HHC. The Supreme Court's clarification that the amendment to Section 80 HHC was prospective, not retrospective, influenced the outcome, leading to the dismissal of the Revenue's challenge and upholding the appellant's position on the exclusion of charges for deduction calculation purposes. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391257