https://www.taxtmi.com/caselaws?id=220506 The High Court held that profit on the sale of scrap should be included in the business profit for calculating deductions under Section 80HHC of the Income-Tax Act, 1961. The Court disagreed with the Tribunal's decision to exclude the profit on the sale of scrap from the profit of the business for deduction purposes. The Court referenced a decision of the Kerala High Court supporting the inclusion of scrap profit in business profit. Consequently, the High Court disposed of the appeal in favor of the assessee, contrary to the Tribunal's ruling. en-us Fri, 08 Apr 2011 00:00:00 +0530 Mon, 28 Jan 2013 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220506 The High Court held that profit on the sale of scrap should be included in the business profit for calculating deductions under Section 80HHC of the Income-Tax Act, 1961. The Court disagreed with the Tribunal's decision to exclude the profit on the sale of scrap from the profit of the business for deduction purposes. The Court referenced a decision of the Kerala High Court supporting the inclusion of scrap profit in business profit. Consequently, the High Court disposed of the appeal in favor of the assessee, contrary to the Tribunal's ruling. Case-Laws Income Tax Fri, 08 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220506