https://www.taxtmi.com/caselaws?id=757271 Punjab and Haryana HC ruled on Section 80HHC deduction computation. The court held that interest earned on delayed payment of sale consideration (90 days) need not be excluded from eligible profits calculation, following Atul Ltd. precedent. Regarding 100% EOU, the court determined that export turnover and total turnover from EPZ units cannot be excluded while computing Section 80HHC deduction. The court emphasized Section 80HHC as beneficial provision encouraging exports, requiring interpretation favoring assessee. Deduction computation follows prescribed formula without reference to total income, with computed amount then deducted from total income. en-us Thu, 08 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757271 Punjab and Haryana HC ruled on Section 80HHC deduction computation. The court held that interest earned on delayed payment of sale consideration (90 days) need not be excluded from eligible profits calculation, following Atul Ltd. precedent. Regarding 100% EOU, the court determined that export turnover and total turnover from EPZ units cannot be excluded while computing Section 80HHC deduction. The court emphasized Section 80HHC as beneficial provision encouraging exports, requiring interpretation favoring assessee. Deduction computation follows prescribed formula without reference to total income, with computed amount then deducted from total income. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757271