https://www.taxtmi.com/caselaws?id=3008 For Section 80HHC computation, excise duty and scrap sales were treated as outside total turnover, and lease rentals, salary rent recoveries, service charges and similar receipts were recognised as business income but not turnover. The transaction with MSRTC was characterised as a lease, not a sale, because ownership remained with the assessee during the lease term, so depreciation on the vehicles was allowable. In computing export deduction, income had first to be worked out under the Act, with carried-forward loss and admissible set-offs deducted before quantifying relief. Premium on redemption of debentures could be spread over the relevant years, and remand on the interest exemption issue was upheld for fresh factual examination. en-us Mon, 19 Feb 2007 00:00:00 +0530 Wed, 30 Jul 2008 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3008 For Section 80HHC computation, excise duty and scrap sales were treated as outside total turnover, and lease rentals, salary rent recoveries, service charges and similar receipts were recognised as business income but not turnover. The transaction with MSRTC was characterised as a lease, not a sale, because ownership remained with the assessee during the lease term, so depreciation on the vehicles was allowable. In computing export deduction, income had first to be worked out under the Act, with carried-forward loss and admissible set-offs deducted before quantifying relief. Premium on redemption of debentures could be spread over the relevant years, and remand on the interest exemption issue was upheld for fresh factual examination. Case-Laws Income Tax Mon, 19 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3008