https://www.taxtmi.com/caselaws?id=33341 The High Court of Karnataka ruled in favor of the Revenue, holding that negative export profits cannot be disregarded when calculating total turnover for deductions under section 80HHC of the Income-tax Act, 1961. The court emphasized adherence to the Supreme Court's interpretation that deductions are only permissible with positive profits from both self-manufactured and trading goods exports. The decision underscored the overriding effect of section 80AB and the need for a strict textual interpretation of section 80HHC to determine eligibility for deductions. en-us Thu, 21 Feb 2008 00:00:00 +0530 Wed, 06 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33341 The High Court of Karnataka ruled in favor of the Revenue, holding that negative export profits cannot be disregarded when calculating total turnover for deductions under section 80HHC of the Income-tax Act, 1961. The court emphasized adherence to the Supreme Court's interpretation that deductions are only permissible with positive profits from both self-manufactured and trading goods exports. The decision underscored the overriding effect of section 80AB and the need for a strict textual interpretation of section 80HHC to determine eligibility for deductions. Case-Laws Income Tax Thu, 21 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33341