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2011 (10) TMI 372 - HC - Income TaxExpenditure in relation to exempt income - Held That:- Expenses reduced from the export turnover for the purpose of computing deduction under Section 10A has to be reduced from the total turnover. Refund of Central Sales Tax deductible under Sec 10B. Deduction of Merchant Overtime Charge paid to excise department - Revenue expense relates to earlier years thus not allowed in assessment year under question - Held That:- Assessee was entitled to claim deduction in the assessment year in which such over time charges came to be paid by them. Therefore, the third substantial question of law is also answered in favour of the respondent-assessee and against the revenue.
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