2018 (9) TMI 1472

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.....V.Vikram for M/s.Subbaraya Aiyar JUDGMENT T.S.Sivagnanam, J., This appeal by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal, 'A' Bench, Chennai in I.T.A.No.869/Mds/2000 dated 31.08.2007 for the Assessment Year 1992-93. 2. The Tribunal by the impugned order, has disposed of a batch of four appeals, two of them filed by the Revenue, two of ....

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....e Tribunal was right in holding that the amount of profits from sale of office waste and scrap has to be treated as part of business profits for the purpose of computing deduction under Section 80HHC of the Income Tax Act 1961 ("the Act"). 6. The Tribunal pointed out that the waste generated during normal business operations does not involve any element of profit and therefore, it has to be tre....

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....on 80HHC, where the assessee unit is engaged primarily in the manufacturing and selling of steel utensils and not scrap steel, incidentally, the Hon'ble Supreme Court has also considered as to how the sale proceeds from scrap should be dealt with. 8. In this regard, the Hon'ble Supreme Court pointed out that for the purpose of calculating the deduction, according to the provisions of Se....