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National Aluminium Co. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cuttack

Reported in : (2006)101TTJCtk948

..... definition of total turnover excludes incidental expenses such as freight and insurance, which amount has to be borne by the assessee for safe transportation of his goods from and out of his pocket, it is highly impossible to accept the contention that the term 'turnover' would include the excise duty and sales-tax components ..... (3) provides that for the purpose of sub-section (1)(a) where the export out of india is of goods or merchandise manufactured or processed by the assessee, the profits derived from such export shall be the amount which bears to the profits of the business, the same proportion as the export turnover in respect of such goods bears to the total turnover ..... in the assessment of the assessee it was alleged that the silver bars had been sold to the partners for their domestic use but the it authorities held that the alleged sale was not genuine and the silver bars still formed part of the assessee's ..... benefits' charged to p&l a/c is on account of bona fide change in the method of accounting from 'cash basis' to 'accrual basis' based on the said 'actuarial valuation' and as per accounting standards and as approved by the judicial pronouncements of the hon'ble supreme court and other courts is allowable under the act in the year under consideration and hence the disallowance is contrary to facts and law, arbitrary, ..... cit (2005) 92 ttj (mumbai) 168 has held as under (short notes) : while the basic requirements for invoking sub-section 37(1) and 80g are quite .....