High Court held that when certain profit is to be excluded from claim of deduction under sections 80HH, 80I and 80HHC, it is not gross profit but net thereof, that is, gross profit minus expenditure incurred for earning such profit which should be excluded. SLP of Revenue is dismissed due to tax effect is below threshold limits. (AY. 1998-99
CIT v. Nirma Ltd. (2024) 299 Taxman 180 (SC) Editorial : CIT v. Nirma Ltd (2015) 229 Taxman 535 (Guj)(HC)
S. 80HHC : Export business-When certain profit is to be excluded from claim of deduction under sections 80HH, 80I and 80HHC, it is not gross profit but net thereof, that is, gross profit minus expenditure incurred for earning such profit which should be excluded-Tax effect is below threshold limits-SLP of Revenue is dismissed.[S. 80HH, 80I, 268A, Art. 136]