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2009 (12) TMI 411 - HC - Income TaxExport- Special deduction- Whether the Tribunal was correct in holding that the excise duty paid by the assessee on goods manufactured but not sold during the year and reflected as closing stock during the year is liable to be allowed as an expenditure during the current year itself ? (2) Whether the Tribunal was correct in holding that in view of section 43B of the Act the excise duty paid is liable to be allowed despite the clear mandate of the provision not being understood in the proper perspective ? Held that- the excise duty paid by the assessee on goods manufactured but not sold during the year and reflected as closing stock during the year was liable to be allowed as an expenditure during the current year itself. Whether the Tribunal was correct in holding that excise duty, sales tax and scrap sales are not includible in the total turnover for the purpose of deduction under sections 80HHC and 80HHE of the Act ? Held that- while computing the total turnover for the purpose of section 80HHC, the Assessing Officer is required to consider the value received by the sale of scrap also, as it cannot be excluded as the sale of scrap amount to a turnover in the domestic market. The excise duty paid by assessee for selling scrap has to be excluded.
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