COMMISSIONER OF INCOME TAX vs SILVER & ARTS PALACE — C.A. No. 4478/2001

Case Summary: C.A. No. 004478/2001 Outcome: The Supreme Court dismissed the Commissioner of Income Tax's appeal without any order as to costs on December 18, 2002. Silver & Arts Palace's Section 80-HHC export deduction claim (for assessment year 1996-97) was upheld, as the counter sales of Rs. 9,76,40,672 had proper customs clearance and involved inconvertible foreign exchange, satisfying Explanation (aa) to Section 80HHC(4A). The Court upheld settled judicial precedent from Ram Babu & Sons consistently applied by multiple High Courts. Next Steps: None—the appeal was finally dismissed. This case analysis is maintained by casestatus.in based on publicly available court records.