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2016 (2) TMI 805 - SUPREME COURT

2016 (2) TMI 805 - SUPREME COURT - [2015] 379 ITR 357 (SC) - Interpretation of term “Total turnover” – Purpose of enactment of section 80HHC of the Act – Scrap sale - Whether the sale proceeds from the scrap should have been included in the ‘total turnover’ as the assessee was also selling scrap and that was also part of the sale proceeds – Held that:- The controversy in hand has been adjudicated upon by this Court in Commr.of Income Tax-VII, New Delhi vs. Punjab Stainless Steel Industries [2014 .....

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eign exchange, the Revenue should also make all possible efforts to encourage such traders or manufacturers by giving such business units more benefits as contemplated under the provisions of law – HC was coming to the conclusion that the proceeds generated from the sale of scrap would not be included in the ‘total turnover’ – Decided against Revenue. - CIVIL APPEAL No.5773 OF 2012, CIVIL APPEAL No.2737 OF 2013, CIVIL APPEAL No.2738 OF 2013, CIVIL APPEAL No.2740 OF 2013, CIVIL APPEAL No.8753 OF .....

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