Royalty income excludible from business profits for calculation of section 80HHC deduction

Fenner (India) Limited Vs ACIT (Madras High Court) High Court court is of the view that the Tribunal has rightly directed the assessing officer to exclude the royalty income from the business profits for the purpose of calculation of deduction under section 80HHC of the Act, which warrants no interference. FULL TEXT OF THE JUDGMENT/ORDER OF MADRAS HIGH COURT This is an appeal filed by the assessee against the order of the Income Tax Appellate Tribunal dated 31.03.2009 in I.T.A.No.1588/Mds/2007. 2. The appellant is engaged in the business of manufacture and sale of V & Fan Belts, Oil Seals ...