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Search Results for "Export turnover"

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Supreme Court

Supreme Court Allows Revenue Appeals in Section 80HHC Deduction Case — Supporting Manufacturer Not Entitled to Same Deductions as Direct Exporter. The Court held that the statutory scheme under Section 80HHC of the Income Tax Act, 1961 treats supporting manufacturers differently from direct exporters, and the provisos to sub-section (3) do not apply to supporting manufacturers.

27 Aug 2019

The case involves a batch of appeals by the Revenue against a judgment of the Punjab and Haryana High Court, which had dismissed the Revenue's appeals...

Supreme Court

Supreme Court Dismisses Appeal of Manufacturer Challenging Turnover Tax Assessment Under Karnataka Sales Tax Act. Levy of turnover tax on total turnover including interstate sales for classification purposes is constitutionally valid and does not exceed legislative competence.

28 Mar 2019

The appellant, M/s. Achal Industries, a manufacturer and registered dealer of cashew kernels and cashew shell oil, was assessed for turnover tax under...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Held that interest on borrowed capital used for acquiring a capital asset is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, and depreciation on assets acquired under a hire purchase agreement is allowable under Section 32.

12 Jun 2018

The case involves appeals filed by the Revenue (Pr. Commissioner of Income-Tax and Deputy Commissioner of Income-Tax) against the orders of the Income...

High Court

High Court of Bombay at Goa Allows Appeal in Part Regarding Computation of Deduction Under Section 80HHC of Income Tax Act, 1961 — Receipts from Hire of Barges, Proceeds of Services, Repairs of Vessels, and Extraction Charges Held Part of Total Turnover for Export Deduction.

7 May 2015

The appellant, Sesa Goa Ltd., is a company engaged in the business of mining and export of iron ore. For the assessment year 1996-1997, the appellant ...

High Court

High Court Allows Appeal in Income Tax Case: Sales to Other STP Units Qualify as Deemed Export Under Section 10A of Income Tax Act, 1961. The court held that software development services provided to another STP unit, which ultimately exports the software, constitute export for deduction purposes.

20 Oct 2014

The assessee, M/s. Tata Elxsi Limited, a registered Software Technology Park (STP) unit, claimed deduction under Section 10A of the Income Tax Act, 19...

High Court

Bombay High Court Allows Refund of Service Tax on Onsite Work at Customer's Premises Under Export of Service Rules, 2005. The court held that onsite work at customer's premises abroad qualifies as 'Service Provided from India' under Rule 3(2)(a) of the Export of Service Rules, 2005, and the appellants are entitled to refund of service tax paid.

15 Sep 2014

The case involves appeals by Tech Mahindra Limited and other assessees against the order of the Customs, Excise and Service Tax Appellate Tribunal (CE...

High Court

Bombay High Court Allows Revenue Appeal in DEPB Taxation Case - Face Value of Duty Entitlement Passbook Chargeable Under Section 28(iiib) at Accrual, Excess Over Face Value Under Section 28(iiid) at Sale. The court held that the Tribunal erred in holding that the entire sale proceeds of DEPB are not profits under Section 28(iiid) and that face value should be deducted from sale proceeds.

28 Jun 2010

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 arose from a decision of the Special Bench of the Income Tax Appellate Tribun...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 10A Exemption Computation Case — Freight and Insurance Excluded from Total Turnover as They Have No Profit Element. The Court upheld the Tribunal's direction to compute exemption under Section 10A of the Income Tax Act, 1961 after excluding freight and insurance from total turnover, and also upheld other directions regarding PF/ESIC contributions, interest income, and foreign exchange gains.

23 Jun 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) for Assessment Year 2003-04, raising five questions of law. The fir...

High Court

Bombay High Court Dismisses Revenue's Appeal in Export Deduction Case — Freight, Insurance, Packing Receipts, Sales Tax Set-off/Refund, and Service Income Not Excludable from Profits of Business Under Section 80HHC Explanation (baa). The Court held that these receipts are not in the nature of 'receipts by way of brokerage, commission, interest, rent, charges or any other receipt of similar nature' and thus 90% thereof is not to be excluded from profits of business.

8 Apr 2010

The case involved an appeal by the Commissioner of Income Tax-6 against an order of the Income Tax Appellate Tribunal dated 6th June 2008 for Assessme...

High Court

Bombay High Court Allows Revenue Appeal in Section 80HHC Deduction Case — Net Interest on Fixed Deposits Cannot Be Considered for Computing Export Profits Deduction. The court held that Explanation (baa) to Section 80HHC of the Income Tax Act, 1961 requires exclusion of ninety per cent of gross interest receipts, not net interest, as the provision does not allow set-off of interest paid against interest received.

19 Mar 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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