Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 429 - HC - Income TaxScrap sale Deduction u/s 80HHC and 80HHE of the Act Held that:- The decision in Commissioner of Income-tax Versus Motor Industries Co. Ltd. [2009 (12) TMI 411 - KARNATAKA HIGH COURT] followed - while computing the total turnover for the purpose of section 80HHC, the Assessing Officer is required to consider the value received by the sale of scrap also, as it cannot be excluded as the sale of scrap amount to a turnover in the domestic market - The excise duty paid by assessee for selling scrap has to be excluded Decided against Revenue. Exclusion of scrap sale from the turnover Held that:- The decision in Commissioner of Income-tax Versus Motor Industries Co. Ltd. [2010 (8) TMI 333 - Karnataka High Court] followed - The developmental work is intimately connected with the business of manufacture and sale of goods by the assessee - consideration received for developmental work is not liable to be deducted in computing the profits of the business Decided against Revenue.
|