| COURT: | Supreme Court |
| CORAM: | Kurian Joseph J, Rohinton Fali Nariman J. |
| SECTION(S): | 80HHC |
| GENRE: | Domestic Tax |
| CATCH WORDS: | deduction, exemption, scrap sales, turnover |
| COUNSEL: | - |
| DATE: | February 18, 2016 (Date of pronouncement) |
| DATE: | March 1, 2016 (Date of publication) |
| AY: | - |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 80HHC: Sale proceeds of scrap cannot be included in total turnover | |
The issue in these appeals pertains to the question whether the proceeds generated from the sale of scrap would be included in the total turnover. In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961
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