S. 80HHC Scrap sale proceeds not to form part of total turnover: SC

The issue in these appeals pertains to the question whether the proceeds generated from the sale of scrap would be included in the total turnover.

In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961.

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