Income Tax Officer vs Induflex Products (P) Ltd.

Authority: Supreme Court Date: 2005-12-08 AY: 1994-95 Section: 80HHC(1), 80HHC(3) Acts: Income Tax Act 1961 Result: Revenue Citation: (2005) 199 CTR (SC) 712 : (2006) 280 ITR 1 (SC) : (2005) 149 TAXMAN 687 (SC) Justices: S.B. Sinha & R.V. Raveendran, JJ. Appeal No: Civil Appeal No. 7307 of 2005*
Whether an assessee can claim deduction under Section 80HHC when export of trading goods results in negative profit (loss) --- Held: No, deduction under Section 80HHC requires positive profit; negative profit (loss) does not qualify for deduction.

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