https://www.taxtmi.com/caselaws?id=411098 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision that scrap sales should not be included in the total turnover for exemption under Section 10B of the Income Tax Act. The Court referred to legal principles and guidance notes, emphasizing that turnover generally includes sales of goods a business deals in, excluding unrelated items like scrap. The Tribunal's decision was deemed consistent with these principles, and the revenue's appeal challenging the exclusion of scrap sales was dismissed. en-us Tue, 10 Aug 2021 00:00:00 +0530 Mon, 16 Aug 2021 22:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411098 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision that scrap sales should not be included in the total turnover for exemption under Section 10B of the Income Tax Act. The Court referred to legal principles and guidance notes, emphasizing that turnover generally includes sales of goods a business deals in, excluding unrelated items like scrap. The Tribunal's decision was deemed consistent with these principles, and the revenue's appeal challenging the exclusion of scrap sales was dismissed. Case-Laws Income Tax Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411098