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<h1>Supreme Court: Excise duty, sales tax part of turnover for business income calculation</h1> The Supreme Court dismissed the civil appeal by the Department, holding that excise duty and sales tax should be included in the total turnover for ... Deduction in respect of profits retained for export business u/s 80HHC(3) - Whether excise duty and sales tax need to be included in the total turnover - Held that:- As decided in CIT Versus Lakshmi Machine Works [2007 (4) TMI 202 - SUPREME COURT] amendments to section 80HHC(3) indicate exclusion of book profits but reasoning in this judgment is confined to the workability of the formula in section 80HHC(3) as it stood at the material time - in favour of assessee. The Supreme Court dismissed the civil appeal by the Department regarding the inclusion of excise duty and sales tax in the total turnover for calculating 'Business income' under Section 80HHC(3) of the Income Tax Act, 1961. The decision was based on the precedent set in the case of CIT v. Lakshmi Machine Works [2007] 290 ITR 667/160 Taxman 404 (SC).
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