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TMI Blog2008 (11) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... d gains of business - Tribunal was correct in holding that the sales tax and excise duty were not includible in total turnover for computing deduction under section 80HHC – in respect of deduction under section 80M, held that proportionate management expenses had to be deducted form gross dividend – revenue’s appeal is partly allowed X X X X Extracts X X X X X X X X Extracts X X X X ..... the Explanation below section 80HHC(4B) of the Income-tax Act when the same issue has been decided in favour of the Revenue in the case of CIT v. Malwa Cotton Spinning Mills Ltd. [2008] 302 ITR 53 (P&H) in I. T. A. No. 94 of 2006? (ii) Whether, on the facts and law, the hon'ble Income-tax Appellate Tribunal was correct in holding that the sales tax and excise duty were not includible in total tu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on account of belated payments on the ground that such income was from business and not from interest. The Assessing Officer disallowed the plea. The Assessing Officer also added sales tax and excise duty to the total turnover. Deduction under section 80M of the Act was also reduced after apportioning interest and personal and administrative expenses attributable to earning of dividend. The Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 302 ITR 53 (P&H). With regard question No. (iii) learned counsel for the Revenue has relied upon the judgments of the hon'ble apex court in Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120 and CIT v. United General Trust Ltd. [1993] 200 ITR 488 (SC). 7. Learned counsel for the assessee is unable to distinguish the above judgments. 8. In view of the judgment of this court in Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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