Section 80HHC -Sales tax & excise duty will not form part of total turnover

SUPREME COURT OF INDIA Commissioner of Income-tax, Chennai v. Shiva Tex Yarn Ltd. CIVIL APPEAL NO. 614 OF 2008 Date of Pronouncement – SEPTEMBER 4, 2012 ORDER 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...