https://www.taxtmi.com/caselaws?id=58930 The Tribunal allowed the appeal, vacating the Commissioner's order under section 263 of the Income-tax Act, 1961. It held that the retrospective application of the explanatory amendment to exclude freight and insurance from "total turnover" should be from 1-4-1986. The decision emphasized the correct computation of export profit by deducting freight and insurance from the "total turnover" in line with the legislative intent to rectify anomalies in tax provisions. en-us Thu, 30 Dec 1993 00:00:00 +0530 Wed, 22 Dec 2010 18:40:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58930 The Tribunal allowed the appeal, vacating the Commissioner's order under section 263 of the Income-tax Act, 1961. It held that the retrospective application of the explanatory amendment to exclude freight and insurance from "total turnover" should be from 1-4-1986. The decision emphasized the correct computation of export profit by deducting freight and insurance from the "total turnover" in line with the legislative intent to rectify anomalies in tax provisions. Case-Laws Income Tax Thu, 30 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58930