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2013 (1) TMI 626 - HC - Income TaxComputation u/s 80 HHC - scrap sale - Held that:- The expenditure is incurred by the assessee not for generation of the scrap but for generation of the finished product. There is and cannot be any expenses which are incurred for generation of scrap. Scrap is bi-product of the manufacturing activity. Therefore, there are no expenses which could be excluded from the sale of scrap. Since the question of law stands answered by this Court in favour of assessee as decided in CIT, Ludhiana Vs. Bicycle Wheels [2010 (10) TMI 496 - PUNJAB AND HARYANA HIGH COURT], Kar Mobiles' case [2010 (1) TMI 618 - KERALA HIGH COURT]& Mahavir Cycle Industries [2013 (1) TMI 610 - PUNJAB AND HARYANA HIGH COURT ] - substantial question of law answered in favour of assessee.
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