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2016 (9) TMI 113 - GUJARAT HIGH COURTCalculation of deduction u/s. 80HHC - CIT (A) directing not to exclude 90% of Excise refund (Mfg.), Excise refund (Merchant), insurance claim from the profit of the business for calculation of deduction u/s. 80HHC - Held that:- Having considered the decision in case of ACG Associated Capsules (P) Ltd. (2012 (2) TMI 101 - SUPREME COURT OF INDIA ), issue with regard to insurance claim from the profit of the business for calculation of deduction under Section 80HHC is squarely covered and required to be answered in favour of the Department. While adopting the aforesaid principles of law and without giving any further elaborate reasons, we answer the above referred question in favour of the Department. So far as the question of excluding 90% of excise duty refund credited in the profit and loss account in respect of manufacturing and merchant division is concerned, the CIT (A) as well as the Tribunal has rightly come to the conclusion after considering material placed before them and various decisions. We are in complete agreement with the said finding directing the AO not to exclude the excise duty refund insurance claim while computing the deduction u/s. 80HHC.
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