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TMI Blog2012 (10) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... ddar, Sr.Advocate, Sachin Kumar, Advocate For the Respondent : Mr. Deepak Roshan, Advocate This appeal, under Section 260-A of the Income Tax Act, 1961 has been filed against the order dated 30.12.2009, passed by Income Tax Appellate Tribunal (Circuit Bench, Ranchi) in Income Tax Appeal bearing I.T.A.Nos. 165/Ran/2008 and 205/Ran/2008 for the assessment year 2004-05. 2. Mr. Binod Poddar, Senior Advocate, appearing for the appellant (referred as the assessee), submits that the assessee is not in a position to comply the order passed on 22.6.2012 in this appeal. 3. Then in support of this appeal, he submitted as follows : i). The income from sale of scrap reduced the cost of production and thereby the income from sale of scra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are intimately linked with export turnover . In our view, the aforesaid stand taken by the ld. CIT(A) is not correct. Export turnover is defined in section 10B as also 80HHC. The impugned receipts neither represent the consideration received for the items exported nor have they been received in convertible foreign exchange. The impugned receipts are local receipts and therefore do not constitute export turnover. The Assessing Officer has rightly excluded them from export turnover for working out the profits eligible for exemption u/s 10B. In this view of the matter, the eligible profits u/s 10B as computed by the AO has correctly been reduced from the book profit under section 115JB. The action of the Assessing Officer is in conformity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the impugned sum received was not collected from the account of the HUF. Another important thing which the Assessing Officer noticed was that the said sum of Rs.50 lakhs was actually utilized by another company of the group namely M/s Arush Metal Casting Pvt. Ltd., in which Major General (Retired) P.P. Subherwal was a shareholder. The Assessing Officer, therefore, inferred that the assessee was being used as conduit between the HUF of Major General (Retired ) P.P. Subherwal and M/s Arush Metal Casting Pvt. Ltd. It is in this background that the Assessing Officer held that the impugned loan transaction was not genuine and accordingly brought the impugned sum to the charge of Incometax. 15. Aggrieved by the order of the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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