The Supreme Court of India, comprising a Bench of Justice S.V.N. Bhatti and Justice N. V. Anjaria, has held that premium earned from the sale of export quota permits cannot be equated with statutory export incentives under Section 28(iiia) to (iiic) of the Income Tax Act, 1961 for claiming deductions under Section 80HHC. Dismissing appeals
Export Quota Premium Cannot Be Equated With Statutory Export Incentives Under Section 80HHC; CBDT Circulars Not Binding On Courts: Supreme Court
