This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’
Case Law Details
- Case Name
- Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
CA Sandeep Kanoi
So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee, as the respondent-assessee is using stainless steel as raw material, from which utensils are manufactured. The raw material, which is not capable of being used for manufacturing utensils will have to be either sold as scrap or might have to be re-cycled in the form of sheets of stainless steel...
Author Info
