Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (12) TMI 756 - AT - Income TaxDeduction u/s 10A - Software Technology Park of India ('STPI') - whether the gain on revaluation of the receivable foreign exchange also forms part of the export turnover without actual receipt - The learned counsel for assessee has not made any submissions on this issue nor has he brought any evidence on record to show that this foreign exchange gain is on actual receipt of export proceeds - consideration has to be received or brought into India to be included in the export turnover. But in the case before us, the AO has clearly brought out that this gain has not been received or brought into India - Decided against the assessee Regarding disallowance of expenses - AO disallowed the same holding it to be expenditure incurred towards providing technical services outside India incurred in foreign exchange and he reduced it from the export turnover. - Held that: assessee's claim has always been that the expenditure is incurred on training of its personnel abroad. It is the finding of the AO that these employees have rendered technical services outside India and the CIT(A) has also upheld this finding of the AO but he has only directed the AO to exclude the same from the total turnover also - If it is found that the export turnover is computed on the basis of cost + mark up, then this amount is to be included as part of the cost and consequently as part of export turnover and also total turn over - In the result, the assessee's appeal is partly allowed
|