https://www.taxtmi.com/caselaws?id=771440 ITAT Kolkata allowed the assessee's appeal regarding excise duty exclusion from turnover calculation. Following the SC precedent in Lakshmi Machine Works, the tribunal found that including excise duty pushed turnover above Rs. 250 crores, while excluding it brought turnover below this threshold. The tribunal accepted the assessee's calculation method as substantially correct and set aside orders by the AO and CIT(A) that had rejected the rectification petition. en-us Thu, 22 May 2025 00:00:00 +0530 Fri, 23 May 2025 16:08:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771440 ITAT Kolkata allowed the assessee's appeal regarding excise duty exclusion from turnover calculation. Following the SC precedent in Lakshmi Machine Works, the tribunal found that including excise duty pushed turnover above Rs. 250 crores, while excluding it brought turnover below this threshold. The tribunal accepted the assessee's calculation method as substantially correct and set aside orders by the AO and CIT(A) that had rejected the rectification petition. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771440