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2014 (7) TMI 673 - HC - Income TaxRestriction on financial expenses - Deductions u/s 80HHC Unit wise working not submitted Held that:- Clause (b) of sub-Section(3) of Section 80HHC provides that where the export out of India is of trading goods, the profits derived from such export shall be the export turnover in respect of such trading goods as reduced by the direct costs and indirect costs attributable to such export -Explanation (e) to sub- Section(3) defines indirect costs to mean costs not being direct costs allocated in ratio of the export turnover in respect of trading goods to the total turnover thus, the order of the Tribunal is upheld Decided against Revenue. Reduction in Prior paid expenses Computation of taxable income u/s 115JA of the Act Held that:- The Tribunal rightly of the view that prior period expenses were reduced for arriving at the book profit which was accepted by the Auditors of the Company and by the company itself in the AGM, then no adjustments other than the adjustment specified in Explanation to section 115JA(2) - The decision in Apollo Tyres Ltd. vs. Commissioner of Income-Tax [2002 (5) TMI 5 - SUPREME Court] followed - Decided against Revenue.
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