https://www.taxtmi.com/caselaws?id=31362 The Supreme Court upheld the Tribunal's decision that MODVAT credit should not be included in total turnover for calculating deductions under Section 80HHC of the Income Tax Act. The Court clarified that MODVAT credit, similar to excise duty, does not pertain to turnover and should be excluded. The decision aligned with previous rulings excluding excise duty and sales tax from total turnover. Consequently, the appeals were dismissed, affirming the exclusion of MODVAT credit from the total turnover calculation, with each party bearing their costs. en-us Mon, 20 Oct 2008 00:00:00 +0530 Thu, 06 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31362 The Supreme Court upheld the Tribunal's decision that MODVAT credit should not be included in total turnover for calculating deductions under Section 80HHC of the Income Tax Act. The Court clarified that MODVAT credit, similar to excise duty, does not pertain to turnover and should be excluded. The decision aligned with previous rulings excluding excise duty and sales tax from total turnover. Consequently, the appeals were dismissed, affirming the exclusion of MODVAT credit from the total turnover calculation, with each party bearing their costs. Case-Laws Income Tax Mon, 20 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31362