PCIT v. Jindal Drugs Ltd. (2019) 306 CTR 241/ 173 DTR 345 (Bom.)(HC)

S. 80IB : Industrial undertaking-Business of manufacturing Menthol-Profit from hedging–Hedging activity of Mentha Oil has direct nexus with the manufacturing activity and profit derived from hedging is eligible for deduction.

Dismissing the appeal of the revenue the Court held that,  the assessee which is carrying on business of manufacturing Menthol, hedging activity of Mentha Oil has direct nexus with the manufacturing activity and profit derived from hedging is eligible for deduction.  (AY. 2006 -07, 2007-08, 2009-10)