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M/s MAHAVIRA CYCLE INDUSTRIES, PUNJAB Versus C.I.T, LUDHIANA & ANR.

2016 (2) TMI 805 - SUPREME COURT

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 a .....

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nd enactment of Section 80HHC of the Act was to encourage export so as to earn more foreign exchange - If the purpose is to bring more foreign exchange and to encourage export, the legislature would surely like to give more benefit to persons who are .....

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rts 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 ‘ .....

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