A Supreme Court bench comprising of Justice Kurian Joseph and Justice Rohinton F Nariman has held that 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.
The issue in the appeals M/S Jagraon Exports vs C.I.T-I Ludhiana pertains to the question whether the proceeds generated from the sale of scrap would be included in the total turnover.
The Apex Court has reaffirmed its 2014 Judgment in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors.
Read the Judgment here.
