https://www.taxtmi.com/caselaws?id=439034 The Hon'ble High Court allowed the Revenue's appeal, directing the inclusion of processing charges in the total turnover and the exclusion of lease rent from the turnover for computing business profits under section 80HHC. The judgment clarified that independent incomes like rent should be excluded from business profits. Additionally, the treatment of a rebate on tin sheets was considered integral to trading operations, not independent income. The Assessee's appeal was allowed concerning adjustments made by the Assessing Officer, emphasizing correct interpretation of relevant provisions and leading to a reassessment of income. en-us Mon, 12 Jun 2023 00:00:00 +0530 Thu, 15 Jun 2023 08:02:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439034 The Hon'ble High Court allowed the Revenue's appeal, directing the inclusion of processing charges in the total turnover and the exclusion of lease rent from the turnover for computing business profits under section 80HHC. The judgment clarified that independent incomes like rent should be excluded from business profits. Additionally, the treatment of a rebate on tin sheets was considered integral to trading operations, not independent income. The Assessee's appeal was allowed concerning adjustments made by the Assessing Officer, emphasizing correct interpretation of relevant provisions and leading to a reassessment of income. Case-Laws Income Tax Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439034