directing that the sale value of scrap discount
received against raw materials, interest income earned by
the assessee from the clients and sale consideration ... directing that the sale value of scrap discount received against
raw materials, interest income earned by the assessee from
the clients and sale consideration
80IB of the Act was also taken on the discount received (kasar-
vatav) at Rs.1,13,499/-. Ld. Assessing Officer also observed that ... correct
one coming to Rs. 2,99,153/-. The assessee received discounts from its
suppliers on purchases of raw materials and consumables. The Assessing
Officer
80IA:
1) Exchange Gain Rs.40,33,509/-
2) Cash discount Rs.05,04,556/-
3) Misc. Income ... fact that the AO's action to exclude the
export benefits receivable amounting to Rs.3,95,05,367/-, interest
income
correct one coming to Rs. 2,99,153/-. The assessee received
discounts from its suppliers on purchases of raw materials and
consumables. The Assessing Officer ... appellant
submitted before me that the Other Income consists of Discount
received of Rs. 2,99,153/- and Exchange Rate Difference
matter is regarding
income of the assessee on account of discount received of Rs.13,03,545/-.
He submitted that it is reduction in purchase ... claim received by the assessee of Rs.7,18,461/- and
discount received by the assessee of Rs.5,81,881/-, it was submitted
Expenditure has to be sorted out. The
discount of Rs.4,19,175/- is trade discount received from Purchase parties. The
comparative figure of trade ... Recd. in A.Y. 2008-09 is special discount received from Noritsu
Koki Ltd. (Machinery purchase Party) which is abnormal income (Indirect Income)
and which
account of
non-accounting of discount receivable from Indian Oil Corporation (IOC).
On the aforesaid addition made on account of discount receivable, AO vide
order ... knowledge of Assessing Officer. There
was no malafide in not showing discount receivables from IOC in the year
under consideration & that too because
expenses claimed by the assessee on
the ground that though assessee received discount on diesel purchase but has
I.T.A. No.3202/Ahd/2011 ... value of the amount without taking into
consideration the amount of discount received by him. Ld. CIT(A) has given
relief to the assessee
confirmations from
around 250 customers confirming the fact that they have received
discount from the appellant, have also been submitted. The appellant
has also submitted ... before the AO to doubt the discount expenses. The
appellant has also established with evidence that the discount received
by it on purchases has been
Particulars Amount Nature of income
Interest on NSC 13,586/- Interest received from NSC. Which are kept by 80IC
unit for the purpose of sales ... account of
Vendors written Kasar 7 discount in suppliers 7 purchase party
back payments or payments received from customers.
Therefore, the same is part profit
