https://www.taxtmi.com/caselaws?id=458795 Gujarat HC ruled on two issues regarding tax deductions. First, the court confirmed that excise duty must be excluded from total turnover when computing deduction under section 80HHC, upholding the tribunal's decision against the revenue department. Second, regarding simultaneous claims for deductions under sections 80IB and 80HHC, the court held that section 80IA(9) prevents claiming deductions under multiple provisions for the same profits. The court rejected the assessee's interpretation that would limit section 80IA(9)'s scope only to maximum permissible deductions, stating this would render the provision meaningless. The decision favored the revenue department on the second issue. en-us Wed, 26 Mar 2014 00:00:00 +0530 Fri, 15 Nov 2024 18:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458795 Gujarat HC ruled on two issues regarding tax deductions. First, the court confirmed that excise duty must be excluded from total turnover when computing deduction under section 80HHC, upholding the tribunal's decision against the revenue department. Second, regarding simultaneous claims for deductions under sections 80IB and 80HHC, the court held that section 80IA(9) prevents claiming deductions under multiple provisions for the same profits. The court rejected the assessee's interpretation that would limit section 80IA(9)'s scope only to maximum permissible deductions, stating this would render the provision meaningless. The decision favored the revenue department on the second issue. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458795