LAW FOR ALL

Section 80HHC of the Income Tax Act - manufacturer and exporter of stainless steel utensils. - Total TURNOVER- whether the selling of scrap comes under total turnover - Apex court held that High Court is in conformity with the normal accounting practice followed by the traders, including the respondent-assessee and it was justified in coming to a conclusion that the proceeds generated from the sale of scrap would not be included in the ‘total turnover’. - and as such dismissed the appeal =Commnr. of Income Tax-VII, New Delhi Appellant Versus Punjab Stainless Steel Industries Respondent= 2014 ( May.Part) http://judis.nic.in/supremecourt/filename=41507