2016 (11) TMI 1305

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.... Judgment of the Court was delivered by Nooty Ramamohana Rao, J. ) This Appeal is preferred under Section 260-A of the Income Tax Act, 1961, by the Revenue, calling in question the correctness of the order passed by the Income Tax Appellate Tribunal 'B' Bench, Chennai, in ITA No.938/Mds/2005, for the Assessment Year 2001-2002. 2. The following substantial three questions of law have ....

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.... Income Tax Act? 3. Heard Shri T.Ravikumar, learned Senior Standing Counsel for the Income Tax Department and Shri S.Sridhar, learned counsel for the Respondent. 4. Though the first substantial question of law framed has merely used "turnover" but nonetheless, Shri T.Ravikumar, learned Senior Standing Counsel for the Income Tax Department has pointed out that it is intended to be the "total ....

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....sules Private Limited vs. Commissioner of Income Tax - (2012) 247 CTR-372, wherein it was held that 90% of the net amount of any receipt of the nature mentioned in Clause (1) of Explanation (baa) of Section 80HHC, which is actually included in the profits of the assessee, is to be deducted from the profits of the assessee for determining the "profits of the business". Hence, the third substantial ....