https://www.taxtmi.com/caselaws?id=186733 Karnataka HC commentary on deduction computations under the income-tax law notes that excise duty is not part of total turnover for the section 80HHC formula because it is an indirect tax collected for the Government. It also states that market value for raw materials under sections 80HH and 80-I is the open-market price, including necessary incidental costs, rather than a notional or hypothetical cost. For section 10A, artificial allocation of corporate overheads was rejected where separate accounts were maintained, and income from sale of special import licence premium was treated as having a direct nexus with the export-oriented undertaking. en-us Wed, 25 Aug 2010 00:00:00 +0530 Thu, 19 Dec 2024 14:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186733 Karnataka HC commentary on deduction computations under the income-tax law notes that excise duty is not part of total turnover for the section 80HHC formula because it is an indirect tax collected for the Government. It also states that market value for raw materials under sections 80HH and 80-I is the open-market price, including necessary incidental costs, rather than a notional or hypothetical cost. For section 10A, artificial allocation of corporate overheads was rejected where separate accounts were maintained, and income from sale of special import licence premium was treated as having a direct nexus with the export-oriented undertaking. Case-Laws Income Tax Wed, 25 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186733