(Per : HONOURABLE MR.JUSTICE V. M. SAHAI)
1. We have heard learned Counsel, Mr. Manish R. Bhatt, for the appellant.
2. The tribunal has referred the following question for our opinion;
"Whether, the Appellate Tribunal is right in law and on facts in holding that the amounts of excise duty and other income are to be excluded from the 'total turnover' for the purpose of computation of deduction u/s. 80HHC of the Act?"
3. The question referred to us has been considered by the Apex Court in "COMMISSIONER OF INCOME TAX VS. LAKSHMI MACHINES WORKS", reported in [2007] 290 ITR 667, wherein the Apex Court has held that the excise duty will not form the part of the total turnover for the purpose of deduction under Section-80(HHC). The question referred to us is covered by the aforesaid decision of the Apex Court, therefore, the question referred by the Tribunal is answered in affirmative in favor of the assessee and against the Revenue. The appeal stands DISMISSED, accordingly. The parties shall bear their own costs.
(V. M.
SAHAI, J.) (N.V.
ANJARIA, J.) Umesh/ Top