Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 70 - HC - Income TaxComputation of qualifying income by applying the Explanation (baa) under section 80 HHC - whether Processing Charges, Processing hall and cold storage service charges and storage charges are not in the nature of turnover of the business? - Held that:- Insofar as two out of the three items of claims for deduction under section 80 HHC are concerned, Explanation (baa) would apply. Insofar as the processing charges alone are concerned, the matter requires re-examination by the assessing officer. In view of the above, we hold that the Tribunal was not right without analysing the nature of the processing charges in coming to the conclusion that Explanation (baa) to section 80 HHC would apply to processing charges also. Therefore, that portion of the order of the Tribunal alone is set aside. However, the order of remand is confirmed and the assessing authority is at liberty to examine the nature of the income that comes under the heading processing charges. The other questions of law are answered against the assessee.
|