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Once again the Bombay High Court in the case of CIT v. S G Jhaveri Consultancy Ltd. (119TAX735) held that business profits in the export profits determination formula do not include receipts by way of brokerage, commission, interest, rent or any other receipt of a similar nature as they generally do not have any nexus with the sale proceeds from export activities. There is therefore enough reading on the wall that other incomes do not qualify for deduction u/s 80HHC and assesses must prepare themselves for payment of taxes. Rather it would be advisable to review such claims and proactively pay tax under protest to save from heavy interest burden.

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