Home Highlights September 2012 Year 2012 This

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1. Deduction u/s 80O or 80HHE - one cannot make Section 80-O as an alternate to an allowability of the deduction under Section 80HHE for the purpose of better tax deduction - HC

2. Deduction u/s 80HHE - there is no occasion to exclude 90% of the amount attributable to export gains from the foreign exchange rate fluctuation - HC

3. Valuation - turnover for the purpose of VAT - Inclusion of excise duty in invoice amount - Assessee not collected excise amount from customers - no addition - HC

4. Deduction u/s 80HHE of the Act – profit of the eligible business to be considered and not profit of all the business to be considered - AT

5. MAT - Deduction u/s 80HHE to be worked out on the basis of adjusted book profit u/s 115JA - SC

6. Computation of deduction u/s 10B - Even in the common parlance, when the object of the formula is to arrive at the profit from export business, expenses excluded from...

7. Deduction u/s 10A - what is excluded from ‘export turnover’ must also be excluded from ‘total turnover’, since one of the components of ‘total turnover’ is export...

8. SSI exemption - turnover exceeding threshold limit - the clearances bearing the brand name or trade name of another person shall be excluded from the turnover - AT

9. SSI exemption - Refund claim - Central excise duty paid by mistake by including non ISI submersible pumps i.e. non BIS pumps in the overall turnover - refund allowed - AT

10. Restriction on rebate / refund of duty - Rule 18 and Rule 19 of the Central Excise Rules, 2017 amended so as to exclude Petrol, Diesel and ATF - Notification