Sec. 80HHC of Income Tax Act, 1961—Export - The assessee filed return declaring a loss, the return was revised and the loss declared earlier was reduced. The assessment was finalised under Section 143(3) of the Act on 30.3.2004 wherein the Assessing Authority disallowed various deductions claimed by the assessee. First appeal filed was partly allowed. Both the assessee and the revenue preferred appeals. The Tribunal vide impugned order partly allowed both the appeals. the assessee received rent mainly from its employees who were using the company accommodation. The claim of the assessee before the Tribunal was that as per explanation (baa) to Section 80HHC of the Act, the depreciation on the building owned by the assessee should be allowed. The contention was rejected by the Tribunal. High Court upheld the finding recorded by the Tribunal holding that ”the receipts mentioned in the explanation are the actual payments received like brokerage etc. The phrase “receipt of similar nature” will not increase its scope to include depreciation which is not on same footing as brokerage, commission etc“. - VARDHMAN HOLDINGS LTD. V/s CIT - [2020] 425 ITR 253 (P&H)