https://www.taxtmi.com/caselaws?id=30085 The court rejected the deduction claim for compensation payable to M/s. M. W. Hardy and Co., New York, emphasizing that the expenditure must be actually incurred or spent, not contingent upon future events. The court upheld the adjustment of head office set loss against branch profit for relief under section 80HHA, ruling in favor of the Department. Cash compensatory support and profits on sale of import entitlements were deemed eligible profits for deductions under sections 80HHA and 80-I. Duty drawback was considered as profits derived from an industrial undertaking for computing deductions under sections 80HHA and 80-I, with decisions favoring the Department over the assessee. en-us Wed, 09 May 2007 00:00:00 +0530 Wed, 06 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30085 The court rejected the deduction claim for compensation payable to M/s. M. W. Hardy and Co., New York, emphasizing that the expenditure must be actually incurred or spent, not contingent upon future events. The court upheld the adjustment of head office set loss against branch profit for relief under section 80HHA, ruling in favor of the Department. Cash compensatory support and profits on sale of import entitlements were deemed eligible profits for deductions under sections 80HHA and 80-I. Duty drawback was considered as profits derived from an industrial undertaking for computing deductions under sections 80HHA and 80-I, with decisions favoring the Department over the assessee. Case-Laws Income Tax Wed, 09 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30085