S.C : Deduction under section 80HHC in case of assessee firm dealing in trading and manufacturing of cycle parts, proceeds generated from sale of scrap would not be included in ‘total turnover’

Supreme Court Of India

Mahavira Cycle Industries vs. CIT

Section : 80HHC

Jagdish Singh Khehar And Mrs. R. Banumathi, JJ.

I.A. Nos. 2 & 3 Of 2015

Civil Appeal Nos. 5773 Of 2012 And 2738, 2740 & 8753 Of 2013

November 16, 2015

JUDGMENT

1. Learned counsel for the respondents acknowledges that the controversy in hand has been adjudicated upon by this court in Civil Appeal No. 5592 of 2008 and connected matters (CIT v. Punjab Stainless Steel Industries [2014] 364 ITR 144/46 taxmann.com 68/[2015] 229 Taxman 423 (SC).

2. In view of the above, the instant applications are allowed and the civil appeals are disposed of in terms of the judgment rendered by this court in Civil Appeal No. 5592 of 2008 and connected matters Punjab Stainless Steel Industries (supra).

[Citation : 379 ITR 357]