Supreme Court of India · 2016-02-18
M/S Jagraon Exports vs C.I.T-I Ludhiana
- Citation / case number
- AIRONLINE 2016 SC 71
- Court
- Supreme Court of India
- Petitioner
- M/S Jagraon Exports
- Respondent
- C.I.T-I Ludhiana
- Bench
- Rohinton Fali Nariman, Kurian Joseph
Judgment text excerpt
The Supreme Court ruled that proceeds from the sale of scrap should not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961. This decision aligns with the precedent set in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors., which clarified the treatment of scrap sale proceeds. Consequently, the appeals were allowed based on this established legal principle.