https://www.taxtmi.com/caselaws?id=209323 A sales tax exemption under the U.P. industrial incentive scheme was treated as revenue in nature because the benefit arose only after commencement of production and related to trading receipts, not to setting up capital assets; the retained tax amount was therefore taxed as business income. Foreign exchange fluctuation loss on revenue items was allowable on accrual basis because the liability arose from trade obligations and year-end restatement reflected an ascertained business loss. For section 80-HHC, excise duty and sales tax were excluded from total turnover because statutory levies collected on behalf of the Government do not constitute commercial turnover. en-us Fri, 26 Feb 2010 00:00:00 +0530 Wed, 24 Jul 2013 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209323 A sales tax exemption under the U.P. industrial incentive scheme was treated as revenue in nature because the benefit arose only after commencement of production and related to trading receipts, not to setting up capital assets; the retained tax amount was therefore taxed as business income. Foreign exchange fluctuation loss on revenue items was allowable on accrual basis because the liability arose from trade obligations and year-end restatement reflected an ascertained business loss. For section 80-HHC, excise duty and sales tax were excluded from total turnover because statutory levies collected on behalf of the Government do not constitute commercial turnover. Case-Laws Income Tax Fri, 26 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209323