Scrap Sale_whether income from manufacturing activity
This query is : Resolved
CA.Tarun Maheshwari
(Querist)
03 August 2008
Hi. I want to know whether the scrap resulted out of manufacturing process and sold to kabadiwalas is taxable as income under Income Tax. My assessee is claiming Deduction u/s 80IC. Whether Scrap sale can be claimed as income from manufacturing business. Pls send the answer asap
S.Srinivasaraghavan
(Expert)
04 August 2008
Yes, it is.
CA.Tarun Maheshwari
(Querist)
04 August 2008
Sir, the AO is asking for some judicial references in support of above. Can you pls guide me some case laws or section for the support of this provision
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