2008 (11) TMI 66 - HIGH COURT RAJASTHAN

Whether Octroi, sales Tax and Excise Duty received by the assessee is not includable in the total turn over vis-à-vis the export turn over for computing deduction u/s 80HHC – question is answered in favour of assessee - Admittedly the debentures when issued is a loan, and therefore, whether it is convertible, or non convertible, does not militate against the nature of the debenture, being loan, and therefore, the expenditure on issue of debenture are admissible as revenue expenditure