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TMI Blog2016 (11) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... -VII vs. Punjab Stainless Industries [2014 (5) TMI 238 - SUPREME COURT ] – Decided against Revenue. Net interest received considered for deducting 90% of interest income in compliance of explanation (baa) to Section 80HHC - Held that:- The same substantial question of law has fallen for consideration before the Supreme Court in ASCG Associated Capsules Private Limited vs. Commissioner of Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Appellate Tribunal 'B' Bench, Chennai, in ITA No.938/Mds/2005, for the Assessment Year 2001-2002. 2. The following substantial three questions of law have been raised for our consideration in this appeal:- (i) Whether in the facts and circumstances of the case, the Tribunal was right in holding that sale of scrap do not form part of the turnover, for the purpose of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely used turnover but nonetheless, Shri T.Ravikumar, learned Senior Standing Counsel for the Income Tax Department has pointed out that it is intended to be the total turnover . Accordingly, we treat that the first substantial question of law is concerning the total turnover but not turnover merely. 5. The first two substantial questions of law incidentally have fallen for consideration of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y included in the profits of the assessee, is to be deducted from the profits of the assessee for determining the profits of the business . Hence, the third substantial question of law formulated for our consideration in this appeal stands concluded by the aforementioned judgment of the Supreme Court and accordingly, TCA No.383 of 2007 stands dismissed. No costs. 7. Tax Case Appeal No.380 of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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