https://www.taxtmi.com/caselaws?id=9580 The court ruled in favor of the assessee on all three issues. It held that interest on foreign bills was not subject to tax deduction at source under section 40(a)(i) as it did not qualify as interest on a loan. Excise duty and sales tax were excluded from total turnover for section 80HHC deduction based on precedents, being statutory dues without profit elements. Customs duty on closing stock was also excluded from turnover calculation, following the principle that liabilities should not be considered assets. The court upheld the Tribunal's decision, dismissing the appeals. en-us Wed, 08 Feb 2006 00:00:00 +0530 Sat, 27 Jun 2009 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9580 The court ruled in favor of the assessee on all three issues. It held that interest on foreign bills was not subject to tax deduction at source under section 40(a)(i) as it did not qualify as interest on a loan. Excise duty and sales tax were excluded from total turnover for section 80HHC deduction based on precedents, being statutory dues without profit elements. Customs duty on closing stock was also excluded from turnover calculation, following the principle that liabilities should not be considered assets. The court upheld the Tribunal's decision, dismissing the appeals. Case-Laws Income Tax Wed, 08 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9580