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2016 (11) TMI 1305 - MADRAS HIGH COURT

2016 (11) TMI 1305 - MADRAS HIGH COURT - TMI - Calculation of deduction under Section 80HHC - Interpretation of term “Total turnover” - whether sale of scrap do not form part of the turnover? - Held that:- The proceeds generated from the sale of scrap would not be included in the ‘total turnover’. See Commissioner of Income Tax-VII vs. Punjab Stainless Industries [2014 (5) TMI 238 - SUPREME COURT ] – Decided against Revenue. - Net interest received considered for deducting 90% of interest i .....

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from the profits of the assessee for determining the "profits of the business" – Decided against Revenue. - Tax Case Appeal Nos.383 and 380 of 2007 - Dated:- 16-11-2016 - Nooty Ramamohana Rao And Anita Sumanth, JJ. For Appellant : Mr.T.Ravikumar For Respondent : Mr.S.Sridhar JUDGMENT ( Judgment of the Court was delivered by Nooty Ramamohana Rao, J. ) This Appeal is preferred under Section 260-A of the Income Tax Act, 1961, by the Revenue, calling in question the correctness of the order passed .....

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entire scrap sales is included in the business profit, and explanation (baa) would not apply to it, it would not form part of the total turnover for the purpose of calculation of deduction under Section 80HHC? (iii) Whether in the facts and circumstances of the case, the Tribunal was right in holding that only the net interest received is to be considered for deducting 90% of interest income in compliance of explanation (baa) to Section 80HHC of the Income Tax Act? 3. Heard Shri T.Ravikumar, le .....

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nover merely. 5. The first two substantial questions of law incidentally have fallen for consideration of the Supreme Court in Commissioner of Income Tax-VII vs. Punjab Stainless Industries - (2014) 364 ITR 144 (SC). The Supreme Court had answered these two substantial questions of law in favour of the assessee and against the Revenue. In view of the finality achieved, the first two substantial questions of law are accordingly answered against the Revenue and in favour of the assessee. 6. In so .....

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