2011 (6) TMI 156

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....URABLE MS.JUSTICE HARSHA DEVANI)   1. The appellant-revenue in this appeal under section 260A of the Income Tax Act 1961, (the Act), has challenged the order dated 17.2.2006 made by the Income Tax Appellate Tribunal, Ahmedabad Bench 'D' (the Tribunal) in ITA No.1222/Ahd/2000 for assessment year 1997-98.   2. Vide order dated 5.2.2007, this Court while admitting the appeal had formu....

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....ed Standing Counsel, appearing on behalf of the appellant is not able to dispute the aforesaid position of law. In the circumstances, it is not necessary to set out the facts and contentions in detail.   A perusal of the above referred decision of this High Court shows that the Court had held in favour of the assessee by following decision of the Supreme Court in the case of CIT Vs. Lakshm....

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....ble to exports and yet it cannot form part of "turnover", excise duty and sales tax also cannot form part of the "turnover". Similarly, "interest" emanates from exports and yet "interest" does not involve an element of turnover.   25. The object of the legislature in enacting Section 80-HHC of the Act was to confer a benefit on profits accruing with reference to export turnover. Therefore,....

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....rest, rent, etc. do yield profits, but they do not partake of the character of turnover and, therefore, they were not includible in the "total turnover"." (Emphasis supplied)   6. In the light of the above cited decision of the Supreme Court it is apparent that the controversy involved in the present case stands concluded in favour of the assessee. In the circumstances, the question is ans....