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2015 (8) TMI 55 - GUJARAT HIGH COURT

2015 (8) TMI 55 - GUJARAT HIGH COURT - TMI - Gains out of cancellation of contracts - whether were income from export business and eligible for deduction u/s. 80HHC? - Held that:- Tribunal right in holding that the Gains out of cancellation of contracts were income from export business and eligible for deduction u/s. 80HHC. See Commissioner of Incometax-I vs. Friends and Friends Shipping Pvt. Ltd. [2013 (5) TMI 458 - GUJARAT HIGH COURT] and Commissioner of Income Tax V. Mitsu Limited [2014 (4) T .....

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ble Mr. Justice A. J. Desai) 1. While admitting Tax Appeal on 28.09.2011, the following substantial question of law was framed. "(i) Whether on the facts and circumstances of the case and in law was Appellate Tribunal right in holding that the Gains out of cancellation of contracts ₹ 25,91,106/- were income from export business and eligible for deduction u/s. 80HHC despite the fact that the same did not involve and export of goods for earning foreign exchange and was essentially a spe .....

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