COMMNR. OF INCOME TAX-VII, NEW DELHI Vs. PUNJAB STAINLESS STEEL INDUSTRIES
LAWS(SC)-2014-5-3
SUPREME COURT OF INDIA (FROM: DELHI)
Decided on
May 05,2014
Commnr. Of Income Tax -Vii, New Delhi
Appellant
VERSUS
PUNJAB STAINLESS STEEL INDUSTRIES
Respondents
Referred Judgements :-
COMMISSIONER INCOME TAX THIRUVANANTHAPURAM VS. K RAVINDRANATHAN NAIR [REFERRED TO]Cited Judgements :-
CIT VS. MODI XEROX INDIA LTD. [LAWS(DLH)-2015-1-105] [REFERRED TO]COMMISSIONER OF INCOME TAX-16 VS. VISHINDAS HOLARAM [LAWS(BOM)-2014-8-221] [REFERRED TO]
M K J CORPORATION VS. COMMISSIONER OF INCOME TAX [LAWS(ALL)-2015-3-55] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. MOTOR INDUSTRIES CO LTD [LAWS(KAR)-2014-8-209] [REFERRED TO]
CIT AND ORS. VS. VIMAL CHAND SURANA AND ORS. [LAWS(RAJ)-2015-9-58] [REFERRED TO]
PRINCIPAL COMMISSIONER OF INCOME TAX - 21 VS. UNIVERSAL PRECISION SCREWS [LAWS(DLH)-2015-10-344] [REFERRED TO]
MAHAVIRA CYCLE INDUSTRIES VS. COMMISSIONER OF INCOME TAX AND ORS. [LAWS(SC)-2015-11-67] [REFERRED TO]
THE COMMISSIONER OF INCOME TAX, BANGALORE AND ORS. VS. KSHEMA TECHNOLOGIES LTD. [LAWS(KAR)-2016-1-51] [REFERRED TO]
M/S JAGRAON EXPORTS VS. C.I.T-I LUDHIANA [LAWS(SC)-2016-2-60] [REFERRED TO]
CIT VS. VIMAL CHAND SURANA [LAWS(RAJ)-2015-11-158] [REFERRED]
LUCAS TVS LTD VS. ASST COMMMISSIONER OF INCOME TAX [LAWS(MAD)-2015-3-712] [REFERRED]
COMMISSIONER OF INCOME TAX VS. VIRTUAL SOFT SYSTEMS LTD. [LAWS(SC)-2018-4-146] [REFERRED TO]
THE PRINCIPAL COMMISSIONER OF INCOME TAX KOCHI VS. M/S. SILPA PROJECT & INFRASTRUCTURES (INDIA) PVT LTD 3RD FLOOR, NORTH AVENUE, PARAMARA ROAD, KOCHI 682 018 [LAWS(KER)-2017-9-118] [REFERRED TO]
HOUSING AND URBAN DEVELOPMENT CORPORATION LTD VS. ADDITIONAL COMMISSIONER OF INCOME TAX [LAWS(DLH)-2020-2-83] [REFERRED TO]
PRINCIPAL COMMISSIONER OF INCOME TAX VS. SILPA PROJECT & INFRASTRUCTURES (INDIA) PVT. LTD. [LAWS(KER)-2017-9-178] [REFERRED TO]
JUDGEMENT
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(1.)Being aggrieved by the judgment delivered in ITA No. 520 of 2006 dated 19th January, 2007, by the High Court of Delhi, this Appeal has been filed by the Commissioner of Income Tax.
(2.)The facts giving rise to the present appeal, in a nutshell, are as under:
So as to encourage export for the purpose of earning foreign exchange, Section 80 HHC has been enacted in the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). By virtue of the provisions of the said section, subject to certain conditions, the exporter gets certain deduction from the income, which is derived from the profits from export of goods, while computing taxable income.
(3.)For the purpose of calculating the deduction, according to the provisions of Section 80HHC of the Act, one has to take into account the profits from the business of the assessee, export turnover and total turnover. The deduction, subject to several other conditions, incorporated in the Section, is determined as under:
Profits of the Business X Export Turnover
Total Turnover
(2.)The facts giving rise to the present appeal, in a nutshell, are as under:
So as to encourage export for the purpose of earning foreign exchange, Section 80 HHC has been enacted in the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). By virtue of the provisions of the said section, subject to certain conditions, the exporter gets certain deduction from the income, which is derived from the profits from export of goods, while computing taxable income.
(3.)For the purpose of calculating the deduction, according to the provisions of Section 80HHC of the Act, one has to take into account the profits from the business of the assessee, export turnover and total turnover. The deduction, subject to several other conditions, incorporated in the Section, is determined as under:
Profits of the Business X Export Turnover
Total Turnover
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