https://www.taxtmi.com/caselaws?id=28627 For export-profit relief computed under a turnover-based formula, excise duty paid by the assessee could not be excluded from the total turnover denominator. The HC held that section 2(5) of the Finance Act, 1963 and rule 2(3) of the Income-tax (Determination of Export Profits) Rules, 1962 required the qualifying income to be worked out by reference to total sale realisation, and excise duty formed part of that realisation as part of the sale price. As the governing formula did not expressly permit its exclusion, no basis existed to carve it out; the question was answered against the assessee. en-us Wed, 21 Apr 1982 00:00:00 +0530 Wed, 24 Feb 2010 14:45:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28627 For export-profit relief computed under a turnover-based formula, excise duty paid by the assessee could not be excluded from the total turnover denominator. The HC held that section 2(5) of the Finance Act, 1963 and rule 2(3) of the Income-tax (Determination of Export Profits) Rules, 1962 required the qualifying income to be worked out by reference to total sale realisation, and excise duty formed part of that realisation as part of the sale price. As the governing formula did not expressly permit its exclusion, no basis existed to carve it out; the question was answered against the assessee. Case-Laws Income Tax Wed, 21 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28627