https://www.taxtmi.com/caselaws?id=9763 The High Court dismissed the appeals, upholding the Tribunal's decision on various issues. It ruled that the replacement of old machinery did not provide a distinct advantage to the assessee, disallowing the claim for replacement. The exclusion of excise duty and sales tax from turnover for deduction under section 80HHC was upheld, as including these taxes would not reflect the business's profit accurately. The court also held that compensation received from insurance should be treated as a capital receipt, not a revenue receipt. en-us Fri, 20 Jan 2006 00:00:00 +0530 Tue, 30 Jun 2009 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9763 The High Court dismissed the appeals, upholding the Tribunal's decision on various issues. It ruled that the replacement of old machinery did not provide a distinct advantage to the assessee, disallowing the claim for replacement. The exclusion of excise duty and sales tax from turnover for deduction under section 80HHC was upheld, as including these taxes would not reflect the business's profit accurately. The court also held that compensation received from insurance should be treated as a capital receipt, not a revenue receipt. Case-Laws Income Tax Fri, 20 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9763