Author Topic: Sec 80HHC - insurance claim received on destruction of stock-in-trade  (Read 5035 times)

CA.BHUPENDRASHAH

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Income Tax - Sec 80HHC - insurance claim received on destruction of stock-in-trade is eligible to be included in 'business profit' for purpose of exports benefits: Bombay HC ****************************************************************************************************
SECTION 80HHC has been one of the most disputed incentivising Sections of the I-T Act. It has undergone amendments so many times that each amendment claimed its own pound of litigation-flesh. In the latest case the issue before the High Court was - Whether insurance claim received by the assessee on destruction of stock in trade was eligible to be included in “business profit” for the purpose of deduction u/s 80HHC, despite the jurisdictional HC decision in the case of Dresser Rand India Ltd (2010-TIOL-281-HC-MUM-IT) and the Apex Court ruling in the case of K.Ravindarnathan Nair (2007-TIOL-202-SC-IT). And the answer is YES.

CA.BHUPENDRASHAH

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2010-TIOL-460-HC-MUM-IT