A.M. MOOSA vs COMMNR OF INCOME TAX, TRIVANDRUM

The Supreme Court upheld the decision of the Kerala High Court regarding the disallowance of deduction under Section 80-HHC of the Income Tax Act, 1961, for the assessment year 1992-93. The Court found that the Tribunal's interpretation of 'profits of business' and the conditions for claiming deductions were correct, affirming that the negative figure of profits precluded the deduction. Consequently, the appeal was dismissed, maintaining the lower authorities' rulings in favor of the Revenue.