gross
turnover’ and `net turnover’ (or `gross sales’ and `net
sales’) are sometimes used to distinguish the sales
aggregate before and after deduction of returns ... word “turnover” would mean “total
sales” as explained hereinabove. The said sales would definitely not
include the scrap material which is either to be deducted
does not book its income from
scrap in its books of accounts and only 50% of the scrap sale is booked in
its accounts. Assessee ... sale were duly
considered in the actual profit and loss account maintained by Sri Binod
and Shri Biswas and actual sale of the scrap
confirming the addition of Rs. 3 lakhs on account of sale of scrap wrongly holding that the same has taken place outside the books ... respect of this addition."
45. The assessee effected total sales of scrap during the year under consideration at Rs. 38,13,979 as against
buyer in retail sale of such
goods cannot be construed as sale to a buyer as such sale was not by way of
auction ... trader in scrap, the "scrap" is principal
traded item for the assessee and it is not a scrap which is generated
pattern of
scrap sold outside the books. There is no correlation between the scrap sold
outside the books and the scrap sales accounted ... appellant has shown substantial sale of scrap in the regular
books of accounts. The scrap sales shown by the appellant in his books in
different
payment of tax on the sale of assets; for the Assessment year 2008-09, suppression of sale of taxable scrap and non payment ... sale of assets; for the Assessment year 2009-10, suppression of sale of taxable scrap and non payment of tax on the sale of assets
RAVINDRANATHAN
NAIR , 295 I.T.R. 228 (SC) and contended that scrap sales partakes the
character of processing charges referred to in the decision ... than sale of goods, which constitute
total turnover. Keeping this in mind, we are of the view that the
income from sale of scrap
M/S. Schneider Electric It Business ... vs Joint Commissioner Of Income Tax, Ltu, ... on 30
Head Office income in proportion of sales of the unit to the total sales of the
business of the assessee company.
5. That ... facts in directing the A.O. not to reduce
scrap sales from total turnover and profit of the asessee company.
7. That
Export Incentive Rs.13,22,959/-
(ii) Scrap Sales Rs.22,920/-
(iii) lnterest on Fixed
Rs.23,04,152/-
Deposits
(iv) Amount written back ... other incomes in
the nature of export incentives, scrap sale, interest on FDR,
amount written back, miscellaneous income, insurance claim,
Job work received and claims
