2007 (4) TMI 202 - SC - Income Tax

Whether excise duty and sales tax were includible in the "total turnover", which was the denominator in the formula contained in section 80HHC(3) as it stood in the material time - amendments to section 80HHC(3) indicate exclusion of book profits - difficulty arises because the formula is based on the hybrid system of profits, namely, actual and statutory profits - Our reasoning in this judgment is confined to the workability of the formula in section 80HHC(3) as it stood at the material time