Supreme Court of India
P.R. Prabhakar v. Commissioner of Income Tax, Coimbatore
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons stated hereinbefore, agree with the law laid down by the Tribunal.
Judgment, page 10
From the headnote
Income Tax Act, 1961: ss. BOHHC(J) and (3)-"lncome arising out of business of export" Claim for deduction-Assessee carrying on business of ex;ort of its own products as also procuring export contracts for other exporters on commission-Derived income by way of commission but incurred loss as exporter of goods-Claimed deduction in respect of income from commission in terms of s.80HHC-Held, the expression "income arising out of business of export" brings within its sweep not only export of any goods or merchandise manufactured or processed by assessee but also of trading goods-Tribunal rightly
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