Section 80HHC – Whether independent incomes are liable to be reduced to the extent of 90% in the computation of business profits

The Tribunal was not justified in law in holding that 90% of recovery of freight, insurance and packing receipts amounting to Rs. 49,14,076/, sales tax set off/ refund amounting to Rs. 38,33,148/and service income of Rs. 2,89,17,545/are not to be excluded from profits of business within the meaning of clause (baa) of explanation to Section 80HHC of the Act for the purpose of computation of deduction u/s.80HHC of the Income Tax Act, 1961.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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