2007 (8) TMI 308
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.... RAVIRAJA PANDIAN, J. - The appeal is filed framing the following questions of law: "1. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that excise duty and sales tax do not form part of the turnover for the purpose of calculation of deduction under section 80HHC? 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in ....
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.... of the Tribunal, the revenue filed the present appeal by formulating the questions of law as stated above. 3. It is submitted by the learned counsel for the revenue that the first issue is covered by the decision of the apex Court in the case of CIT v. Lakshmi Machine Works (2007) 290 ITR 667 wherein the Court held that Section 80HHC of the Act is a beneficial section; it was intended to provid....
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....HC(3). The Court further held that-'The principal reason for enacting a formula in section 80HHC of the Income Tax Act, 1961 is to disallow a part of the concession thereunder when the entire deduction claimed cannot be regarded as relating to exports. Therefore, while interpreting the words 'total turnover' in the formula in section 80HHC, one has to give a schematic interpretation. The various a....
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....er cannot be questioned by raising a question of law for the reason that the Tribunal has remitted the issue on the ground that on consideration of the orders of the authorities below, the Tribunal was of the view that there was no factual aspect pointed out categorically regarding the source of scrap, which was sold during the assessment year. That source was very much important for deciding whet....