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2012 (9) TMI 401 - DELHI HIGH COURTDenial of deduction u/s 80HHD - convertible foreign exchange earned - Held that:- While computing the deduction u/s 80HHD as per the formula the commission receipt was treated as “profits of the business”. There cannot be any dispute that the income from the money exchange business is a business income as the assessee has, by the said activity, earned profits. It is clear that the assessee had never claimed the aforesaid income as income entitled to deduction under Section 80HHD and the only effect of that was to treat it as part of the profits of the business so that this component is included in the profits of business in the formula provided under Section 80HHD for the purpose of calculating deduction under the said provision - no grievance left of the department as the only apprehension was that this income derived from the money exchange business be not treated as the income which qualifies for deduction under Section 80HHD.
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