Law:

Section:

Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Whether excise duty and sales tax are to be included in total turnover while computing deduction under section 80HHC - Held, no - Whether conversion charges form part of turnover for purpose of calculation of deduction under section 80HHC - Held, yes Section 37(1) of the Income-tax Act, 1961 - Business Expenditure - Allowability of - Whether issue of expenditure on replacement of machinery being capital or revenue in nature is not to be determined by treatment given in books of account or in balance-sheet; claim has to be determined only by provisions of Act - Held, yes - Whether where entire plant and machinery was one common unit, cost towards replacement of parts of machinery would be revenue expenditure - Held, yes CASE REVIEW CIT v. Wheels India Ltd. [2005] 275 ITR 319 / 146 Taxman 442 (Mad.); CIT v. Sundaram Fasteners Ltd. [2005]272 ITR 652 (Mad.); CIT v. India Pistons Ltd. [2006] 282 ITR 632 (Mad.) [Para 5]; CIT v. Bangalore Clothing Co.[2003] 260 ITR 371 / 127 Taxman 637 (Bom.) [Para 7]; CIT v. Sundaram Clayton Ltd. [2006] 281 ITR 425(Mad.) [Para 7] and CIT v. Janakiram Mills Ltd. [2005] 275 ITR 403 / 146 Taxman 40 (Mad.) [Para 9] followed CASES REFERRED TO CIT v. Wheels India Ltd. [2005] 275 ITR 319 / 146 Taxman 442 (Mad.) [Para 5], CIT v. Sundaram Fasteners Ltd.[2005] 272 ITR 652 (Mad.) [Para 5], CIT v. India Pistons Ltd. [2006] 282 ITR 632 (Mad.) [Para 5], CIT v.Bangalore Clothing Co. [2003] 260 ITR 371/ 127 Taxman 637 (Bom.) [Para 7], CIT v. Sundaram Clayton Ltd.[2006] 281 ITR 425 (Mad.) [Para 7] and CIT v. Janakiram Mills Ltd. [2005] 275 ITR 403 / 146 Taxman 40(Mad.) [Para 9]. Mrs. Pushya Sitaraman for the Appellant. JUDGMENT P.D. Dinakaran, J. - The above tax case appeals are directed against the order of the Income-tax Appellate Tribunal dated 27-1-2006, in I.T.A. Nos. 737-739/Mds./2001 and 251, 282/Mds./2002, 2070-2072/Mds./2001 and C.O. No. 30/Mds./2002 in I.T.A. No. 282/Mds./2002, raising the following substantial questions of law : "1. Whether, in the facts and circumstances of the case, the Tribunal was right in holding that excise duty and sales tax collection does not…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492