https://www.taxtmi.com/caselaws?id=257607 The High Court ruled in favor of the appellant, a manufacturer of shoe uppers for export as a 100% Export Oriented Unit (EOU), in a case concerning the treatment of sale proceeds from scrap. The Court held that the sale proceeds from scrap should not be included in turnover and should be deducted from raw material costs. Additionally, the Court set aside the proceedings initiated by the Assessing Officer under Section 147, providing relief to the appellant for all assessment years. The judgment emphasized the importance of accounting principles and legislative intent to support exporters, ultimately allowing the appeals filed by the assessee. en-us Wed, 11 Mar 2015 00:00:00 +0530 Tue, 17 Mar 2015 06:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257607 The High Court ruled in favor of the appellant, a manufacturer of shoe uppers for export as a 100% Export Oriented Unit (EOU), in a case concerning the treatment of sale proceeds from scrap. The Court held that the sale proceeds from scrap should not be included in turnover and should be deducted from raw material costs. Additionally, the Court set aside the proceedings initiated by the Assessing Officer under Section 147, providing relief to the appellant for all assessment years. The judgment emphasized the importance of accounting principles and legislative intent to support exporters, ultimately allowing the appeals filed by the assessee. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257607