Forgot password
New User/ Regiser
⇒ Register to get Live Demo
1997 (9) TMI 7 - SC - Income Tax
In the instant case, the immediate source of the profit is sale of goods. The export of other goods is not even the second degree but it has to be traced to an even more remote degree. The import was of palm oil. The import was possible because of earlier export of goods at a loss. In the chain of sequence the earlier export would be four degrees away - hence assessee is not entitled to allowance of deduction in respect of profits derived by it on specified export sales