2009 (4) TMI 51

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....UDGMENT The Judgment of the Court was delivered by K.RAVIRAJA PANDIAN, J - The revenue on appeal against the order of the Income Tax Appellate Tribunal MADRAS 'B' Bench, Chennai dated 29.08.2006 passed in ITA.No.1666/mds/1999 by formulating four questions of law. The first question of law is as follows:- " Whether in the facts and circumstances of the case, the Tribunal was right in holdi....

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....emanate from the 'turnover' so also excise duty and sales tax do not emanate from such turnover. Since excise duty and sales tax did not involve any such turnover such taxes had to be excluded. Commission, interest, rent, etc., do yield profits, but they do not partake of the character of turnover and therefore they are not includible in the 'total turnover'. If so, excise duty and sales tax also ....

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.... of Commissioner of Income Tax vs. Ramaraju Surgical Cotton Mills reported in 294 ITR 328, wherein the Judgment of this Court in Commissioner of Income Tax (Appeals) vs. Janakiram Mills Limited reported in 275 ITR 430 was considered by the Supreme Court with reference to the contention of the assessee that replacement of assets without increasing the production capacity would amount to revenue exp....