2000 (3) TMI 1086

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....Co. Ltd. on account of loss of goods in fire which occurred in the factory of its sister-concern to which the assessee had sent the goods for labour job. He added the amount to the "total turnover" for the purposes of section 80HHC, while applying the formula : Profit & Gain Of Business X        Export Turnover                                                         ______________         &....

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.... freight charges, included in the price, have to be excluded. That is all that the definition says. The real question is whether the insurance claim can be considered at all as part of the "total turnover". That question can be answered only by examining the nature and meaning of "total turnover" and the so-called definition is of no help. 'Turnover' refers to the act of a businessman in "turning over" the goods he deals in, services he renders or the facilities he provides, into money. This involves the idea of quid pro quo as consideration for parting with goods or rendering the services or providing the facilities. This idea is the very basis of a business, the "raison d'etre". When he stores goods in a place belonging to a sister-concer....