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2016 (11) TMI 1305 - HC - Income TaxCalculation of deduction under Section 80HHC - Interpretation of term “Total turnover” - whether sale of scrap do not form part of the turnover? - Held that:- The proceeds generated from the sale of scrap would not be included in the ‘total turnover’. See Commissioner of Income Tax-VII vs. Punjab Stainless Industries [2014 (5) TMI 238 - SUPREME COURT ] – Decided against Revenue. Net interest received considered for deducting 90% of interest income in compliance of explanation (baa) to Section 80HHC - Held that:- The same substantial question of law has fallen for consideration before the Supreme Court in ASCG Associated Capsules Private Limited vs. Commissioner of Income Tax - (2012 (2) TMI 101 - SUPREME COURT OF INDIA ) wherein it was held that 90% of the net amount of any receipt of the nature mentioned in Clause (1) of Explanation (baa) of Section 80HHC, which is actually included in the profits of the assessee, is to be deducted from the profits of the assessee for determining the "profits of the business" – Decided against Revenue.
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