https://www.taxtmi.com/caselaws?id=410902 The Tribunal ruled in favor of the assessee, affirming their entitlement to deduction under Section 80HHC due to maintaining separate accounts for export and trading units. The Tribunal rejected the Revenue's arguments based on the Ipca Laboratories Ltd. case, emphasizing the importance of separate accounts and no intermingling of funds. Additionally, the Tribunal upheld the assessee's explanation for cash payments for shrimp feed, finding them reasonable and customary in the industry and exempt from disallowance under Section 40A(3). The Tribunal dismissed the Revenue's appeal, aligning with principles from Chamundi Textiles (Silk Mills) Ltd. en-us Mon, 02 Aug 2021 00:00:00 +0530 Thu, 28 Apr 2022 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410902 The Tribunal ruled in favor of the assessee, affirming their entitlement to deduction under Section 80HHC due to maintaining separate accounts for export and trading units. The Tribunal rejected the Revenue's arguments based on the Ipca Laboratories Ltd. case, emphasizing the importance of separate accounts and no intermingling of funds. Additionally, the Tribunal upheld the assessee's explanation for cash payments for shrimp feed, finding them reasonable and customary in the industry and exempt from disallowance under Section 40A(3). The Tribunal dismissed the Revenue's appeal, aligning with principles from Chamundi Textiles (Silk Mills) Ltd. Case-Laws Income Tax Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410902