Supreme Court and High Court Weekly Round-Up
This weekly round-up analytically summarises the key tax judgments of the Supreme Court and all High Courts reported at Taxscan.in during the...
![No Income Tax Deduction allowable for Gains from Foreign Exchange Fluctuations u/s 80HHC of the Income Tax Act: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/11/Income-Tax-Deduction-allowable-for-Gains-Foreign-Exchange-Fluctuations-Income-Tax-Act-Supreme-Court-taxscan.jpg "No Income Tax Deduction allowable for Gains from Foreign Exchange Fluctuations u/s 80HHC of the Income Tax Act: Supreme Court [Read Judgement]")
![Section 80HHC of Income Tax Act not requires Exports Profits as Sole Source of Income: ITAT allows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-Exports-Profits-as-Sole-Source-of-Income-ITAT-allows-Deduction-ITAT-Deduction-Exports-Profits-taxscan.jpg "Section 80HHC of Income Tax Act not requires Exports Profits as Sole Source of Income: ITAT allows Deduction [Read Order]")
![Claim of Deduction on Sale of Scrap and Stores in Respect of Export Turnover u/s 80HHC: ITAT Allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Claim-Deduction-Sale-Scrap-Stores-Respect-Export-Turnover-ITAT-Allows-Appeal-TAXSCAN.jpg "Claim of Deduction on Sale of Scrap and Stores in Respect of Export Turnover u/s 80HHC: ITAT Allows Appeal [Read Order]")
![Income Tax Benefit u/s 80HHC in respect of Advance Import License as Covered u/s 28(iiib): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Tax-Benefit-Advance-Import-License-Import-License-ITAT-Income-Tax-taxscan.jpg "Income Tax Benefit u/s 80HHC in respect of Advance Import License as Covered u/s 28(iiib): ITAT [Read Order]")
Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Cochin Bench, has recently in an appeal filed before it, held that, stamp duty collected from customers shall be treated as trading receipt under 43b(a),...
![Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Stamp-Duty-Customers-Trading-Receipt-ITAT-taxscan.jpg "Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]")
![Deduction u/s 80IA allowable without excluding Deduction u/s 80HHC: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/09/Income-Tax-Deduction-Taxscan-1.jpg "Deduction u/s 80IA allowable without excluding Deduction u/s 80HHC: Bombay HC [Read Judgment]")
A Larger Bench Should Decide if Supporting Manufacturers are entitled to Deductions at par with Direct Exporters: SC [Read Judgment]
The Supreme Court has referred Commissioner of Income Tax vs. M/s Carpet India to a larger bench for reconsideration. The issue before the apex court was whether the supporting manufacturer who...
![A Larger Bench Should Decide if Supporting Manufacturers are entitled to Deductions at par with Direct Exporters: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/04/Deductions-Supreme-Court-of-India-Taxscan.jpg "A Larger Bench Should Decide if Supporting Manufacturers are entitled to Deductions at par with Direct Exporters: SC [Read Judgment]")
Commission Deducted by Foreign Agent from Sale Consideration can’t enjoy S. 80HHC Benefit: Kerala HC [Read Judgment]
A Two judge Bench of the Kerala High Court in The Commissioner of Income Tax, Cochin vs. Parry Agro Industries Ltd. held that the commission deducted by the foreign agent from the sale consideration...
![Commission Deducted by Foreign Agent from Sale Consideration can’t enjoy S. 80HHC Benefit: Kerala HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/03/Commission-Taxscan.jpg "Commission Deducted by Foreign Agent from Sale Consideration can’t enjoy S. 80HHC Benefit: Kerala HC [Read Judgment]")
Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]
The Ahmedabad bench of the ITAT, on Wednesday allowed deduction under Section 80IA of the Income Tax Act, 1961 and held that the service charges earned by the assessee on pattern development will be...
![Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Service-Charge-Taxscan.jpg "Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]")
Interest Earned on FD with Bank in relation to Export Business is Eligible for Deduction: Allahabad HC [Read Judgment]
In Shri Laxminarain Khetan v. ITO, a division bench of the Allahabad High Court held that the interest received on with the bank in order to avail credit facility for export business is eligible for...
![Interest Earned on FD with Bank in relation to Export Business is Eligible for Deduction: Allahabad HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/08/Deduction-Taxscan.jpg "Interest Earned on FD with Bank in relation to Export Business is Eligible for Deduction: Allahabad HC [Read Judgment]")
Assessee cannot Claim Deduction of Refund of Sales Tax u/s 80HHC when such Income has No Direct Nexus with his Export Business: Madras HC [Read Judgment]
In K.H. Shoes Ltd v. ACIT, the division bench of the Madras High Court held that the Refund of Sales Tax received by the assessee is not deductible under section 80HHC of the Income Tax Act when such...
![Assessee cannot Claim Deduction of Refund of Sales Tax u/s 80HHC when such Income has No Direct Nexus with his Export Business: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/09/Madras-High-Court-Taxscan.jpg "Assessee cannot Claim Deduction of Refund of Sales Tax u/s 80HHC when such Income has No Direct Nexus with his Export Business: Madras HC [Read Judgment]")