https://www.taxtmi.com/caselaws?id=34116 The High Court of Karnataka, in an appeal under section 260A of the Income-tax Act, 1961, ruled in favor of the Revenue against the assessee regarding the interpretation of section 80HHC. The court held that negative export profits should not be excluded when calculating total turnover for deductions under section 80HHC. Emphasizing the requirement for positive profits and adherence to section 80AB, the court aligned its decision with the wording of the section, denying benefits not expressly provided for. As a result, the appeal was decided in favor of the Revenue. en-us Thu, 21 Feb 2008 00:00:00 +0530 Thu, 16 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34116 The High Court of Karnataka, in an appeal under section 260A of the Income-tax Act, 1961, ruled in favor of the Revenue against the assessee regarding the interpretation of section 80HHC. The court held that negative export profits should not be excluded when calculating total turnover for deductions under section 80HHC. Emphasizing the requirement for positive profits and adherence to section 80AB, the court aligned its decision with the wording of the section, denying benefits not expressly provided for. As a result, the appeal was decided in favor of the Revenue. Case-Laws Income Tax Thu, 21 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34116