https://www.taxtmi.com/caselaws?id=59686 Deduction under section 80HHC is available only where there is a completed export sale and receipt of sale proceeds in convertible foreign exchange; where the goods never reach the buyer and are destroyed in transit, the transaction does not constitute a genuine export business transaction for the purpose of export profit deduction. An addition for alleged over-invoicing of purchase price cannot be sustained on the basis of a statement or non-production of the supplier alone; independent, reliable evidence is required to prove inflation of the purchase price, especially where customs proceedings have not established overvaluation. en-us Fri, 07 Sep 2007 00:00:00 +0530 Fri, 31 Dec 2010 14:47:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59686 Deduction under section 80HHC is available only where there is a completed export sale and receipt of sale proceeds in convertible foreign exchange; where the goods never reach the buyer and are destroyed in transit, the transaction does not constitute a genuine export business transaction for the purpose of export profit deduction. An addition for alleged over-invoicing of purchase price cannot be sustained on the basis of a statement or non-production of the supplier alone; independent, reliable evidence is required to prove inflation of the purchase price, especially where customs proceedings have not established overvaluation. Case-Laws Income Tax Fri, 07 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59686