https://www.taxtmi.com/caselaws?id=312394 ITAT Delhi held that AO and CIT(A) erred in excluding business income receipts (staff quarter rent, miscellaneous receipts, exchange gains, liabilities written back) from Section 80HHC deduction computation merely because they were classified as "other income." The tribunal ruled that if such receipts are chargeable under Section 28 as business profits, only 90% of the net amount (after allowable expenses under Sections 30-44D) should be deducted from business profits for Section 80HHC calculation, not the gross receipts. Matter remanded to AO for recomputation following Supreme Court precedent in Reliance Energy Ltd. case, with directions to allow DTAA credit for Singapore dividend taxes. en-us Fri, 30 Jun 2023 00:00:00 +0530 Thu, 15 Feb 2024 05:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312394 ITAT Delhi held that AO and CIT(A) erred in excluding business income receipts (staff quarter rent, miscellaneous receipts, exchange gains, liabilities written back) from Section 80HHC deduction computation merely because they were classified as "other income." The tribunal ruled that if such receipts are chargeable under Section 28 as business profits, only 90% of the net amount (after allowable expenses under Sections 30-44D) should be deducted from business profits for Section 80HHC calculation, not the gross receipts. Matter remanded to AO for recomputation following Supreme Court precedent in Reliance Energy Ltd. case, with directions to allow DTAA credit for Singapore dividend taxes. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312394