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2013 (11) TMI 428 - HC - Income TaxWhether net conversion charges' has to be included under clause (baa) of explanation to Section 80 HHC of the Act in the adjusted business profits for computation of deduction – Held that:- Reliance has been placed on the judgments in the cases of ACG Associated Capsules Pvt.Ltd. vs. Commissioner of Income Tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] and CIT vs. K.Ravindranathan Nair (2007) [2007 (11) TMI 10 - Supreme Court of India], wherein it was held that the processing charges formed part of the gross total income as an independent income like Rent, Commission, brokerage, etc. Consequently, 90% of the said sum has to be reduced from the gross total income, to arrive at the business profits – Thus, Net conversion charges included for computation of deduction u/s 80HHC – Decided against the Revenue.
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