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ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
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