ITO v. Bothra International
INCOME TAX ACT, 1961
Deduction under section 10BA - DEPB -Computation of total turnover
Held: As per provisions of section 10BA(4), amount of credit on account of DEPB/DDB had to be included as profits of business of undertaking, however, said amount of credit of DEPB or DDB would not included for computation of total turnover or export turnover of undertaking for purpose of calculating profits derived from business of undertaking for claiming deduction under section 10BA.
Income-tax Act, 1961, Section 10BA
A.Y.: 2004-05 & 2005-06
INCOME TAX ACT, 1961
Method of accounting - Rejection of accounts -GP Rate
Held: Decrease in GP rate in books of accounts cannot form basis for rejection of accounts.
Income-tax Act, 1961, Section 145
A.Y.: 2004-05 & 2005-06
Decision: In favour of assessee.