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?
This question has been answered in favour of the assessee in the case of CIT v. Lakshmi Machine Works [2007] 290 ITR 667.
Accordingly, the civil appeal filed by the Department stands dismissed with no order as to costs.
NF
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