9911796707
TMI Blog2018 (9) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of calculating the deduction, according to the provisions of Section 80HHC of the Act, one has to take into account, the profits of the business of assessee, export turnover and total turnover and the deduction, subject to several other conditions, incorporated in the section, is determined as profits of the business X export turnover/total turnover. - Decided in favour of the assessee - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 10.11.2008 on the following substantial question of law: 1. Whether on the facts and circumstances of the case the Appellate Tribunal was right in law in holding that the amount of profits from sale of office waste and scrap has to be treated as part of the business profits for the purpose of computing the deduction under Section 80HHC of the Income Tax Act, 1961? 4. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 08.02.2000, wherein, it hold that items represent profit from sale of office waste and scrap generated during the course of normal business activity and the sale value has to be taken as part of business income. 7. The question which has been raised before us, was considered by the Hon'ble Supreme Court in the case of Commissioner of Income Tax-VII vs. Punjab Stainless In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporated in the section, is determined as profits of the business X export turnover/total turnover. 9. With regard to how the sale proceeds of scrap have to be dealt with is concerned, the Hon'ble Supreme Court made the following observation : 22.So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
