COMMNR.OF INCOME TAX,THIRUVANANTHAPURAM vs M/S BABY MARINE EXPORTS KOLLAM

The Supreme Court addressed whether the export house premium received by the assessee is includible in the 'profits of the business' for computing deductions under Section 80HHC of the Income Tax Act, 1961. The Court held that the export house premium constitutes part of the turnover and should be included in the export turnover for the purpose of deductions under Section 80HHC. The decision of the lower authorities was set aside, affirming the inclusion of the export house premium in the computation of deductions.