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Issues involved: Appeal challenging order passed by Income Tax Appellate Tribunal on questions related to insurance claim, exchange rate fluctuation, and premium on export quota sales under Section 80HHC of Income Tax Act.
Insurance claim and exchange rate fluctuation: The High Court dismissed the appeal filed by the revenue challenging the Tribunal's decision that insurance claim and exchange rate fluctuation were not 'other receipts' to be reduced from 'profit of business' under clause (baa) of Explanation below Section 80 HHC(4C) of the Income Tax Act. The Court referred to separate judgments where similar issues were decided in favor of the assessee. Premium on export quota sales: The Court also upheld the Tribunal's decision regarding the premium on export quota sales, stating that 90% of such premium could not be considered for computing deductions under Section 80HHC of the Income Tax Act. This decision was in line with previous judgments where similar issues were decided against the revenue and in favor of the assessee. Conclusion: The High Court answered the questions of law in accordance with the separate judgments passed in similar cases, ultimately dismissing the appeal and ruling in favor of the assessee.
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