2012-VIL-40-SC-DT

Supreme Court of India

CIVIL APPEAL NO. 614 OF 2008

Date: 04.09.2012

COMMISSIONER OF INCOME-TAX, CHENNAI

Vs

SHIVA TEX YARN LTD.

Rajiv Dutta, Rupesh Kumar, Ms. A. Subhashini, Ms. Anil Katiyar and B.V. Balaram Das for or the Appellant.
Ms. Radha Rangaswamy for the Respondent.

BENCH

S.H. KAPADIA, MADAN B. LOKUR, JJ.

JUDGMENT

Heard learned counsel on both sides.

This civil appeal filed by the Department concerns Assessment Year 2001-02.

The question involved in this appeal is, whether excise duty and sales tax need to be included in the total turnover in the formula - 'Business income' multiplied by 'export turnover' and divided by 'total turnover' in Section 80HHC(3) of the Income Tax Act, 1961?

This question has been answered in favour of the assessee in the case of CIT v. Lakshmi Machine Works [2007] 290 ITR 667/160 Taxman 404 (SC).

Accordingly, the civil appeal filed by the Department stands dismissed with no order as to costs.

 

 

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