Meaning of tax terms

Meaning of “Business’, ‘total’ and ‘export turnover'”

Posted on by Prashant Thakur

Case Name : CIT vs. Itarsi oil & flour mills 

Citation : [2014] 52 taxmann.Com 87/270 CTR 318 (chhattisgarh)

Court : Chhattisgarh high court

Section : 80HHC

Meaning : The word ‘total’ in section 80hhc(3) signifies that it is not limited to a particular unit but refers to all the businesses carried on by the assessee.

The word ‘export turnover’ is also defined in explanation (ba). It excludes certain amounts mentioned therein. However, it does not exclude the turnover of the business other than the one doing export business.

The word ‘business’ means all the businesses carried on by the assessee and it is not limited to the export-oriented unit, namely, the se unit.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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