Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (9) TMI 113 - GUJARAT HIGH COURT

2016 (9) TMI 113 - GUJARAT HIGH COURT - TMI - Calculation of deduction u/s. 80HHC - CIT (A) directing not to exclude 90% of Excise refund (Mfg.), Excise refund (Merchant), insurance claim from the profit of the business for calculation of deduction u/s. 80HHC - Held that:- Having considered the decision in case of ACG Associated Capsules (P) Ltd. (2012 (2) TMI 101 - SUPREME COURT OF INDIA ), issue with regard to insurance claim from the profit of the business for calculation of deduction under S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er considering material placed before them and various decisions. We are in complete agreement with the said finding directing the AO not to exclude the excise duty refund insurance claim while computing the deduction u/s. 80HHC. - Tax Appeal No. 2145 of 2009 - Dated:- 26-7-2016 - KS Jhaveri And G. R. Udhwani, JJ. Mrs Mauna M Bhatt, Advocate for the Appellant Mr Tej Shah, Advocate for the Opponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) By way of this appeal, the Department has chal .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ss for calculation of deduction u/s. 80HHC? 3. Learned Counsel for the Department has drawn attention of this Court to the paragraph No.3.5 and 3.7 of the order passed by the CIT (A) which reads thus: 3.5 It is submitted that 2 items of excise duty refund credited in the profit and loss account, namely, ₹ 2,61,86,008/and ₹ 35,43,570/in respect of the Manufacturing Division and Merchant Division. It is submitted that said refund is in respect of excise duty debited in the profit and l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s are referred to before me in this respect. On verification it is found that the contention in this respect is correct. Since the net profit of business and profession will not get affected if the item of excise duty which is first debited in the profit and loss account and then refunded back are both excluded. As such the AO is directed not to exclude the same while working out deduction u/s. 80HHC. 3.6 x x x 3.7 It is submitted that this item is wrongly excluded. Having regard to the decision .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Section 80HHC, 90 per cent of income relatable to rent, computer, charges, services charges, miscellaneous income and insurance claim was required to be deducted from the profits. He, therefore, contended that the Tribunal seriously erred in confirming the order of CIT (A). 5. On the other hand, learned Counsel for the respondentassessee has invited the attention of this Court to a decision in case of ACG Associated Capsules (P.) Ltd. v. Commissioner of Incometax, CentralIV, Mumbai [2012] 18 ta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the Explanation (baa) would mean only such receipts by way of brokerage, commission, interest, rent, charges or any other receipt which are included in the profits of the business as computed under the head "Profits and Gains of Business or Profession". Therefore, if any quantum of the receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature is allowed as expenses under Sections 30 to 44D of the Act and is not included in the profits o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version