export turnover judiciary-2

Higher discount justified if Goods imports in Bulk & maintain inventory by incurring Additional Cost

Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the percentage of enhancement to the transaction value ordered by the Deputy Commissioner of Customs is justified in law? In the present case, the appellant M/s Lutron GL Sales & Services Pvt. Limited imports lig...

Read More

Section 80HHC Exchange Rate Fluctuations is Export Turnover 

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court)

The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...

Read More

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)

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...

Read More

S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

M/s Top man Exports vs. CIT (Supreme Court of India)

CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of DEPB scheme is to neutralize the inciden...

Read More

Export Turnover under section 10B and non excludability of Expenses incurred in foreign currency on onsite computer software development at the client

M/s Zylog Systems Limited Vs The Income Tax Officer (ITAT Chennai)

(a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be excluded from export turnover; and (b)Export proceeds utilized outside India for expenses relating to exports should be excluded from export turnover as a non-qualifying export turnover....

Read More

Special Bench judgement in Topman Exports reversed

Top man Exports Vs ITO (ITAT Mumbai)

In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the Bombay High Court today, 29th June 2010....

Read More

Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)

Jindal Drugs Ltd. Vs Asst. Commissioner of Income-Tax (ITAT Mumbai)

S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB...

Read More

Revision under section 263 of IT Act, 1961 is not reassessment

Geometric Software Solutions Co. Ltd. Vs. ACIT (ITAT Mumbai 'G' Bench)

The revision u/s. 263 is not like the reopening of the assessment where once the assessment is reopened entire assessment is open before the Assessing Officer to be reconsidered in accordance with law. In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice....

Read More

Only Profit on Sale of DEPB required to be considered for calculation of deduction u/s. 80HHC

Topman Exports Vs. ITO (ITAT Mumbai)

Expl. (baa) to S. 80HHC defines the term “profits of the business” to mean the profits under the head “profits and gains” as reduced by 90% of the sum referred to in s. 28 (iiid). The 2nd & 3rd Provisos to s. 80HHC (3) provide that the profits computed there under shall be increased by the said 90% amount computed in the proportio...

Read More

Browse All Categories

CA, CS, CMA (6,182)
Company Law (8,634)
Corporate Law (10,969)
Custom Duty (9,600)
DGFT (4,888)
Excise Duty (4,936)
Fema / RBI (5,350)
Finance (5,766)
Income Tax (43,224)
SEBI (4,666)
Service Tax (4,100)